EBRD pro­vides 7 Egyp­tian banks $225m

The Daily News Egypt - - Front Page -

The Euro­pean Bank for Re­con­struc­tion and De­vel­op­ment (EBRD) has pro­vided seven Egyp­tian banks with $225m to be re­al­lo­cated to fund small and medium en­ter­prises (SMEs), women, green projects and for­eign trade.

EBRD has also pro­vided the Com­mer­cial In­ter­na­tional Bank (CIB) – Egypt with a sup­port­ing loan worth $100m.

EBRD signed an agree­ment with Banque Misr worth $75m. Mo­hamed El Etreby, the chair­per­son of that bank, said the agree­ment aims to fi­nance SMEs, not­ing that the bank has a plan to sign another agree­ment with EBRD, worth $50m, be­fore the end of this year.

EBRD also pro­vided Qatar Na­tional Bank (QNB) with a loan worth $20m to sup­port women in the field of small projects.

This loan is con­sid­ered the first to be pro­vided within the frame­work of the women’s pro­gram re­cently launched by EBRD in Egypt.

EBRD signed an agree­ment with EG Bank worth $20m. Ac­cord­ing to Nedal El Asr, the CEO of EG Bank, this agree­ment aims to fi­nance for­eign trade op­er­a­tions.

EBRD signed another agree­ment with the Arab African In­ter­na­tional Bank (AAIB), worth $30m. Has­san Ab­dal­lah, AAIB’s CEO, said that this agree­ment also aims to fi­nance SMEs.

Within the same con­text, EBRD signed an agree­ment with Alex Bank to sup­port re­new­able en­ergy, for $30m.

CEO of Alex Bank, Dante Cam­pi­oni, said that the agree­ment is in line with the bank’s strat­egy to sup­port eco-friendly in­dus­trial in­vest­ments through the pro­vi­sion of in­no­va­tive fi­nanc­ing so­lu­tions and the nec­es­sary train­ing to im­ple­ment projects in this vi­tal field, as well as ex­pand it, es­pe­cially in terms of re­new­able en­ergy projects that even­tu­ally help limit en­ergy con­sump­tion from tra­di­tional sources.

EBRD signed another agree­ment with Emi­rates NBD – Egypt to of­fer trade fa­cil­i­ta­tions worth $40m within the frame­work of the trade fa­cil­i­ta­tion pro­gram of the bank.

This pro­gram, launched in 1999, aims to en­hance for­eign trade from and to the coun­tries which EBRD works in, in­clud­ing Egypt.

The pro­gram in­cludes more than 1,000 part­ner banks in 28 coun­tries the bank in­vests in, worth a to­tal of €15bn, and in­cludes more than 800 banks across the world.

EBRD Pres­i­dent Suma Chakrabarti

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