The European Bank for Reconstruction and Development has provided a Credit Risk Sharing Facility to the Commercial International Bank Egypt (CIB) to enhance financing for SMEs in Egypt.
The European Bank for Reconstruction and Development (EBRD) explained that this agreement helps cover up to 50% of the credit risks related to a credit portfolio of up to 50 million euros of financing provided to small and medium-sized companies in Egypt by the Commercial International Bank – Egypt (CIB). CIB).
The bank added that the new agreement would increase access to more needy segments in the small and medium-sized companies sector.
The agreement also benefits from the guarantee provided by the European Union within the framework of the European Fund for Sustainable Development Plus (EFSD+) to support the small and medium enterprises sector in Egypt – which contributes to reducing the financial risks associated with financing small companies, with the aim of enhancing economic growth in Egypt.
Commercial International Bank – Egypt (CIB) is the leading bank in the private banking sector in Egypt, offering a wide range of financial products and services to its clients, and Commercial International Bank – Egypt (CIB) is an influential partner of the European Bank for Reconstruction and Development due to… For its excellence in the local banking sector, and its role in developing the banking sector in Egypt.
For his part, Amr El-Ganaini, Executive Vice President and Executive Board Member of the Commercial International Bank – Egypt (CIB), said: “Our partnership with the European Bank for Reconstruction and Development represents a pivotal moment in our commitment to empowering small and medium-sized enterprises… and our strategic alliance with the bank constitutes “The European Union for Reconstruction and Development is a catalyst for economic growth in the country, and we are proud to be at the forefront of this initiative and contribute to building a more prosperous future for Egypt.”
Rashwan Hammadi, CEO of Retail Banking and Financial Inclusion at Commercial International Bank – Egypt (CIB), said: “Our partnership with the European Bank for Reconstruction and Development confirms our commitment to empowering SMEs. By expanding access to finance “We enable companies to innovate, grow and contribute to Egypt’s economic prosperity. CIB is pleased to support the next generation of entrepreneurs and contribute to a thriving entrepreneurship ecosystem.”
Egypt is a founding member of the European Bank for Reconstruction and Development. Since the start of its operations with Egypt in 2012, the bank has invested more than 12.5 billion euros in 187 projects in the country.
The EBRD’s areas of investment in Egypt include the financial sector, agribusiness, manufacturing and services, and infrastructure projects such as energy, water, and sanitation services, and it also contributes to the development of the transportation sector.
