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Banque Misr signs agreement in its favor with the European Investment Bank for 500 million Euros to finance SMEs
On 24 November, 2019, Mr. Mohamed El Etreby, Chairman of Banque Misr, and Mrs. Flavia Plalanza, Director of the Facility for Euro-Mediterranean Investment and Partnership in the European Investment Bank (EBI), signed a loan agreement in favor of Banque Misr for 500 million Euros. Present at this event in Banque Misr's headquarters were Mr. Akef El Maghraby, Vice Chairman of Banque Misr, as well as an esteemed group of the leaders of the two banks.
This agreement is part of Banque Misr's commitment to supporting SMEs and diversifying its funding sources. The loan term is 3 years long and needless to say, it participates in the enrichment of the bank's foreign currency resources used in the financing of SMEs. This is the second agreement to be signed between the bank and EBI; the first was for 500 million Euros delivered over two tranches, which makes the total contract value one billion Euros.
Banque Misr plays a pioneer role in supporting the Egyptian economy. And since SMEs and microfinance projects are the driving engine of economic growth and sustainable development, the bank is always keen on enriching and diversifying its foreign currency resources used in financing projects, regardless of the project size.
Furthermore, Banque Misr is one of the first banks in Egypt to comply with the Central Bank of Egypt requirements for 20% of banks credit portfolios to be dedicated to funding SMEs, even before the CBE deadline of 1/1/2020. The Egyptian government is encouraging the growth of the SMEs sector because of the great impact it has on the national economy, and how it provides opportunities for the inclusion of all segments of society; youth, women, and more. This will push back unemployment rates, and lead to the growth of personal income and in turn national income through increase in production and meeting the local market demand.
Banque Misr funds SMEs and microfinance projects in different sectors - industrial, agricultural and service - through its branches covering all governorates. Its SMEs and microfinance portfolio has grown to 26 billion Egyptian pounds by the end of December, 2019, with a growth rate of up to 120% over 4 years since the beginning of the CBE initiative.
In recognition of its achievements in the SMEs sector, Banque Misr was awarded the "Bank of the year for financing SMEs" award in Africa for the year 2019, from the "Corporate Livewire" magazine. This award strengthens the trust of Banque Misr's customers who have always been at the center of all its operations. Banque Misr always strives to provide its customers with state-of-the-art products and services to fulfill their current and future needs.
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