According to bank provided information, the investment involves the provision of a senior unsecured loan to Banque Misr ("BM") for US$ 100 million, under the Bank's Resilience Framework ("RF") developed to address the impact of the COVID-19 pandemic on regional economies. The proceeds of the proposed loan will be on-lent to local private small and medium-sized enterprises ("SMEs"), and to corporates, supporting them in bridging liquidity needs that may arise as a result of the pandemic.
The financing will help BM in providing funding to local SMEs and corporates experiencing either a decrease in their activity, turnover, and/or profitability, in turn leading to payment delays and potential defaults, or growing capacity needs arising from a significant fluctuation in demand in particular sectors.
Banque Misr was established in 1920 and is the second-largest bank in Egypt with total assets of EUR 54.1 billion (December 2019) and market shares of up to 19 per cent in terms of assets, loans and deposits.
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