According to bank provided information, the project consists of a 5-year senior loan of up to US$260 million to Banque Misr (BM or the Bank), a new partner and the second largest public bank in Egypt. The proceeds of the IFC investment will be channeled exclusively towards the expansion of BM’s loans to privately owned small and medium enterprises (SMEs) and very small enterprises (VSEs) including women owned enterprises (WOEs). The senior loan consists of US$216.7 million for IFC’s own account and US$43.3 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program (MCPP). The Bank has an extensive outreach to the underserved market segment of SMEs, VSEs, and WOEs; being the first Bank in Egypt to launch a women entrepreneur program for financial and non-financial services through IFC Advisory Services engagement. The project is expected to be supported by Global Small and Medium Enterprise Finance Facility (GSMEF) as described in the Blended Finance Section.
The Project consists of a 5-year senior loan of up to US$260 million of which US$216.7 million is from IFC’s own account and US$43.3 million from IFC acting in its capacity as implementing entity for MCPP.
BM was established in 1920 as the first wholly state-owned Egyptian bank. The Bank has more than 20,000 employees, serving a large base of more than 13 million clients in Egypt through more than 800 branches and 5,000 ATMs nationwide.
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