A file photo of Banque Misr in Cairo (Photo: Ahram Arabic)
The loan is scheduled to be approved at an IFC board meeting on 30 June.
According to the IFC's website, the loan "consists of $216.7 million for the IFC’s own account and $43.3 million from the IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program (MCPP)."
Launched in 2013 by IFC, MCPP is dedicated to loans provided by multiple lenders, including institutional investors, such as central banks, sovereign wealth funds, pension and insurance companies.
The IFC in Egypt has a growing portfolio of nearly $1.5 billion in investment projects, and $32 million in advisory programmes. This portfolio supports the private sector in key areas, such as access to finance, fintech, climate finance, manufacturing, infrastructure and renewable energy, healthcare and gender.
In March, WBG's Board of Executive Directors approved a new Country Partnership Framework (CPF) for Egypt. The framework lays out the WBG's strategy for the country from FY2023 to FY2027 and includes financing packages worth $7 billion.
Banque Misr is completely owned by the Egyptian government. The bank provides different financing schemes and non-financial services to MSMEs in Egypt, including those started by women.
Banque Misr will receive a $100 million loan programme from the European Bank for Reconstruction and Development (EBRD) on the 31 May approval date under the Financial Intermediaries Framework (FIF) also in order to finance MSMEs.