The European Investment Bank (EIB) has signed a financing agreement worth EUR 375 million with the National Bank of Egypt (NBE) to fund investments by small and medium-sized enterprises (SMEs) and mid-caps in Egypt. The agreement is expected to sustain over 20,000 jobs in Egyptian firms.
The financing agreement comes under the EIB’s Economic Resilience Initiative, which aims at enhancing the prospects for more resilient and inclusive growth in Egypt through financial inclusion and the creation of sustainable employment opportunities, particularly for women and in less-developed areas.
The EIB’s finance, which comes with support from the European Union, will be channeled by NBE to finance the investment needs of enterprises in Egypt. A percentage of the financing will target firms owned or run by women (“women in business”) as well as enterprises located in less-developed areas of Egypt.