- EBRD allocates $50 million financing package to Banque du Caire to support Egyptian MSMEs and women entrepreneurs.
- Specific allocation of $10 million for women-led enterprises aims to address the financing gap and enhance competitiveness.
- Partnership under the EBRD’s Women in Business(WiB) program includes a technical cooperation package for tailored WiB products.
- Agreement emphasizes strategic collaboration and commitment to empowering entrepreneurs, especially in regions outside the capital.
- Egypt, as a founding member of the EBRD, has received significant investments across various sectors since 2012, driving socio-economic development.
The European Bank for Reconstruction and Development (EBRD) has set aside a financing package of $50 million to help Banque du Caire (BDC), a major Egyptian bank, support small businesses and women entrepreneurs in Egypt. The funding, with a specific allocation of US$10 million for women-led enterprises, seeks to enhance access to finance and expand outreach beyond Cairo.
The partnership, under the EBRD’s Women in Business (WiB) program, underscores a commitment to addressing the financing gap for women-owned or led enterprises, thereby enhancing their competitiveness in the market. Additionally, the WiB loan will be accompanied by a technical cooperation package funded by the EBRD, offering advisory services and capacity-building initiatives. These efforts aim to enable BDC to introduce tailored WiB products that better cater to the needs of women-led MSMEs.
The agreement, signed at the EBRD’s headquarters in London, signifies a strategic collaboration between the two entities. Jürgen Rigterink, EBRD First Vice President and Head of Client Services Group, emphasized the importance of supporting MSMEs, highlighting their pivotal role in the Egyptian economy. Tarek Fayed, BDC Chairman and CEO, echoed the sentiment, emphasizing BDC’s commitment to empowering entrepreneurs, particularly women, across regions outside the capital.
Tarek Fayed said: “We take pride in our strategic partnership with the EBRD. BDC is committed to supporting entrepreneurs, especially women entrepreneurs, and empowering them at all levels. The EBRD financing will support projects in regions outside the capital city, capitalising on BDC’s geographical presence, especially in Upper Egypt, which accounts for about 55 per cent of BDC’s microfinance customer base, of which women and youth comprise 35 per cent and 40 percent respectively.”
Jürgen Rigterink said: “The EBRD is delighted to sign this facility with BDC, reinforcing our strong and strategic partnership. We are very pleased to further support MSMEs, a key segment of the Egyptian economy, and foster inclusion by encouraging lending to women-led businesses.”
The partnership between EBRD and Banque du Caire signals a joint effort to promote inclusive growth, support entrepreneurship, and advance gender equality in Egypt’s business sector. As a founding member of the EBRD, Egypt has benefited significantly from the Bank’s investments since 2012, totaling over €11 billion across various sectors. These investments encompass finance, agribusiness, manufacturing, services, and infrastructure projects, contributing to the country’s socio-economic development.