According to bank docements, the investment inolves the provision of a senior unsecured loan of up to EGP 80 million in favour of Reefy Microfinance Enterprise Services ("Reefy") under the Women in Business ("WiB") programme to support women-led MSMEs. The Programme will be supported by donor funds from the European Union SEMED MSME Financial Inclusion Programme ("EU SEMED MSME FIP") for a portfolio-based, risk-sharing component.
The EBRD loan will support Reefy's lending activities and expand access to finance for underserved women-led micro-enterprises, particularly in remote regions.
Founded in 2007, Reefy is Egypt's first licensed microfinance institution and one of the leading players in the Egyptian market. Operating through a wide and well-diversified network of 105 branches, Reefy is focused on untapped, low-income individuals located mostly in rural areas. As of end-June 2021, Reefy's outstanding portfolio stood at EGP 1.3 billion (ca. USD 83 million).
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ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.
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You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html