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Banque Misr signs loan agreement with EBRD for $75 million to finance MSMEs

Chairman of Banque Misr Mr. Mohamed Eletreby signed a loan agreement worth $75 million with Chairman of the European Bank for Reconstruction and Development Sir Suma Chakrabarti, in favor of the former bank.

The signing of the agreement took place on the sidelines of the Investment Forum held in Egypt on 14 November 2017. The signing was attended by Minister of Investment and International Cooperation Dr. Sahar Nasr, as well as representatives of Banque Misr, including Vice Chairman Mr. Akef El-Maghraby and Head of the Treasury and Correspondent Sector Mr. Effat Ishak. The Investment Forum brought together a large number of Egyptian banks and financial institutions.

Further, the signing of the agreement comes within the framework of Banque Misr's efforts to diversify the sources of financing to be used to fund micro, small and medium enterprises (MSMEs). The loan period is five years, and the loan will contribute to consolidating the bank's dollar resources, which are used to finance small and medium enterprises.

Banque Misr consistently seeks to build its dollar resources for financing projects of all sizes, building on its pioneering role in supporting the Egyptian economy and MSMEs. This stems from Banque Misr's belief in the role of SMEs as drivers of economic progress towards achieving sustainable development