Cairo - Mubasher: National Bank of Kuwait-Egypt (NBK-Egypt) secured $50 million in financing from the European Bank for Reconstruction and Development (EBRD) to boost access to finance for micro, small, and medium-sized enterprises (MSMEs).
The new package comprises a $30 million loan to be on-lent by NBK-Egypt to local private MSMEs, alongside a further $20 million facility under the EBRD Youth in Business Program, according to a press release.
Entrepreneurs under the age of 35 will leverage the second tranche, with a focus on rural areas and supporting women-led enterprises.
The credit lines are complemented by technical assistance for partner banks to strengthen their lending capacity.
Commenting on the signing, EBRD’s Managing Director for Financial Institutions, Francis Malige, said: “This new financing package marks another important milestone in our long-standing partnership with NBK Egypt to keep supporting local SMEs, the backbone of the Egyptian economy.”
Malige added: “Our Youth in Business line will also support the Egyptian economy by providing financing to youth-led businesses, which remain highly underserved. With thanks to the EU, this package underscores our shared commitment to advancing a more inclusive private sector in the region.”
Yasser El Tayeb, CEO of NBK-Egypt, indicated: This financing will enable us to expand our financial solutions to support local businesses and stimulate broader economic activity, in line with National Bank of Kuwait’s ambitions for Egypt and its development priorities.”
He noted: “The Youth in Business loan will also strengthen our ability to support youth-led MSMEs by enhancing their access to finance. We would like to express our sincere appreciation to the EBRD for its continued support and to the European Union for its valuable contribution.”
Since 2012, Egypt has been a founding member of the EBRD, which has invested more than EUR 14.30 billion in the country through 222 projects.
