EBRD unveils $30mn credit line towards financing SMEs in Egypt

The European Bank for Reconstruction and Development (EBRD) has announced US$ 30 million credit line to the National Bank of Egypt (NBE), as part of the EBRD’s further support towards development of small businesses in the North African country.

In a statement issued after the opening of its first resident office in Egypt on Tuesday, the EBRD officials underlined ‘Small and Medium-sized Enterprises (SMEs) as the backbone of the economy and financing them is a priority for the EBRD.

The officials explained that the US$30 million loan to NBE is an extension of the first US$50 million loan signed in December 2013 for on-lending to private enterprises. Following the successful implementation of the first loan, this additional credit line will expand the amount of financing available to SMEs in Egypt, thereby contributing to the development of the private sector, the statement said.

Phil Bennett, the EBRD’s First Vice President and Chief Operating Officer, said: “We are very proud to sign this new loan with NBE to further support small private businesses in Egypt. Strengthening the private sector is one of the main pillars for the country’s economic growth and for the creation of job opportunities.”