Egypt’s International Cooperation Minister Rania Al-Mashat announced on Tuesday that the European Bank for Reconstruction and Development (EBRD) will provide a $100 million financing package to Banque Misr for on-lending to local small and medium-sized enterprises impacted by the coronavirus pandemic.

Al-Mashat stressed the importance of the partnership with the EBRD in supporting development efforts in Egypt in both the public and private sector, through its financing of projects.

The European bank said in a statement that the funding is part of its strategy to counter the economic impacts of the coronavirus through a special speedy response programme for developing economies.

The EBRD has already approved loans for the National Bank of Kuwait (NBK) Egypt and Commercial International Bank (CIB) worth $100 million each, as well as $200 million for the National Bank of Egypt (NBE) for on-lending to local SMEs.

Egypt has been a contributing member to the EBRD since its founding in 1991. The bank started its investments in Egypt in 2012 and has allocated 6.5 billion Euros to 115 projects in the country since then.