A $400 million loan was given to the National Bank of Egypt (NBE) to aid small- and medium-sized enterprises (SMEs) in Egypt and regional companies managed or owned by young entrepreneurs.
The funding is intended to promote economic development, financial inclusion, and secure financing for the private sector in Egypt.
Banque Misr was granted a $100 million loan by the EBRD to support SMEs, sustainable and universal development, and financing in areas with limited banking services.
The equity fund Mediterrania Capital IV received a $32.5 million loan from the European bank to assist in directing $385.7 to middle-size companies in Egypt, Tunisia, and Morocco's healthcare, retail, and manufacturing sectors.
Egypt's Minister of International Cooperation, Rania Al-Mashat, emphasized the significance of private sector investment in supporting the country's economic growth. Her comments highlighted the close collaboration between Egypt and the EBRD.
Al-Mashat discussed the joint country strategy between Egypt and the EBRD, stating that the objective is to enhance Egypt's competitiveness, boost economic growth, and stimulate the private sector through development initiatives.
She stated that over 78 percent of the EBRD's current investments in Egypt are directed towards the private sector, highlighting the bank's emphasis on private investors as a driving force for Egypt's development.
The EBRD-Egypt partnership aims to enhance sustainable economic growth and job creation in the country by building on the close cooperation between the bank and Egypt's public and private sector institutions.
The EBRD's Vice President for Banking, Alain Pilloux, stated in March that the bank anticipated investing $1.4 billion in Egypt in 2023.
Since the EBRD began its operations in Egypt in 2012, it has invested over €10 billion in 163 projects, with over 78 percent of the investments directed towards the private sector.