Member News: EIB signs €375 Million Financing Agreement to Support SMEs
SME Finance Forum member, the European Investment Bank (EIB) signed a financing agreement worth €375 million with the National Bank of Egypt to fund SME investments.
According to a release by EIB, the agreement is in line with the Economic Resilience Initiative, which promotes financial inclusion and the creation of sustainable employment opportunities in Egypt. In addition, a portion of the funds in the agreement will be allocated to women-led SMEs and SMEs in lower-developing countries.
Flavia Palanza, Director of EU Neighbouring Countries at the EIB, shared, “The new agreement will help to provide the finance needed for private sector development in most governorates of Egypt. It will also seek to empower women and improve their access to finance. As the bank of the European Union, our aim is to contribute to building a stronger and more resilient economy in Egypt, as well as in the region, that creates more opportunities resulting in additional jobs and increased prosperity for the population.”