Egypt STCR (IFC-601560)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 1, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Arab Republic of Egypt
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.75 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 24, 2017

Disclosed by Bank Oct 23, 2017


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Project Description
Small and medium-sized enterprises (SMEs) play a crucial role for job creation, and economic growth around the world. Considering this important role, and based on the increased awareness on the part of the Egyptian government to ensure that viable SMEs in the country have access to the credit in order to expand and achieve aforementioned goals, a full-fledged secured transactions reform is under implementation. The reform focuses on the creation of an appropriate legal framework for secured transactions and the development of an electronic centralized collateral registry for security interests in movable property which will greatly increase private sector access to credit, particularly SMEs, and enhance the financial sustainability of the financial sector in Egypt. A capacity building and training plan on the reforms undertaken directed to the main group of public and private stakeholders is also envisaged. Significant milestone to the reform by enacted the Secured Transactions Law in November 2015 has been achieved. The law is the first Secured Transactions Law to be enacted in the region in conformity to key best practice principles.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/