|Approval Date||09 Nov 2022|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
This intervention concerns the “MISR Bank” project. It concerns a funding of USD 160 million to Banque Misr SAE of Egypt for onward lending to small and medium-sized enterprises (SMEs) and corporates. Most of these companies operate in key sectors of the Egyptian economy. These include industry, Information and Communications Technology (ICT) and agriculture/agribusiness. Through this project, the African Development Bank will provide a funding in the form of two lines of credit of an amount of USD 160 million with a tenor of 10 years to BM to fund its clients in Egypt. 40% of the funding will benefit SMEs while the other 60% will be used to extend loans to corporates.
The objective of the project is to provide Banque Misr with a line of credit to Banque Misr SAE of Egypt to enable further lending to small and medium-sized enterprises (SMEs) and corporates.
The direct beneficiary of the intervention is Banque Misr SAE of Egypt. Subsequently, the loans will benefit small and medium-sized enterprises (SMEs) and corporates.
African Development Bank
|Last Update||28 Jan 2023|