IFC has entered into a financing deal with Suez Canal Bank (SCB) to help scale lending to micro, small, and medium-sized enterprises in Egypt, with a particular focus on women-owned firms and underserved regions.
Announced in Casablanca during the Africa Financial Summit, the initiative includes a $50 million loan aimed at enabling SCB to widen its credit offering to businesses that often struggle to access formal financial services. According to IFC, a quarter of the facility will be directed to enterprises led by women, who represent 20 percent of Egypt’s MSME market yet continue to face a sizable funding shortfall.
IFC stated that MSMEs account for more than one-third of Egypt’s GDP and employ nearly 40 percent of the workforce, but face persistent capital barriers that restrict their contribution to national growth. Alongside the financial package, IFC will advise the bank on establishing an environmental and social management system aligned with global standards.
The agreement was signed during discussions at the summit co-hosted by IFC, Jeune Afrique, and the Kingdom of Morocco, which centred on mobilising African savings and strengthening local-currency financing for development.
“This agreement represents a significant step in the bank’s journey toward green transformation,” said Akef El Maghraby, Suez Canal Bank Egypt’s CEO and Managing Director. “Adherence to modern environmental standards is no longer optional, but a pressing necessity for all institutions operating in the Egyptian and regional markets.”
“By partnering with Suez Canal Bank, IFC is expanding lending to MSMEs, supporting thousands of Egyptian entrepreneurs grow their businesses” said Ethiopis Tafara, IFC’s Vice President for Africa. “MSMEs not only support job creation but actively contribute to a more resilient and prosperous economic future.”
The move aligns with the World Bank Group’s Country Partnership Framework for Egypt for FY23-27, which targets stronger private sector employment, better MSME financing, and improved economic opportunities for women. IFC has invested and mobilised more than $10 billion in Egypt since 1976 and currently holds an investment portfolio of roughly $2.5 billion, with a further $22 million in advisory support.
