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Agence Ecofin
Wednesday 10 July 2024 Last update on Wednesday, July 10, 2024 At 7:00 AM

Egypt's Commercial International Bank has strengthened its partnership with the multilateral European Bank for Reconstruction and Development (EBRD) by signing 2 new agreements to finance women-led SMEs and sustainable projects related to environmental preservation.

The Commercial International Bank (CIB) has signed loan agreements totalling USD 60 million with the European Bank for Reconstruction and Development. The agreements, aimed at financing green projects and supporting women-led businesses in Egypt, were signed at the European Union’s investment conference in Cairo from 29 to 30 June.

The bulk of this package, USD 50 million, will be used to invest in technologies for mitigating and adapting to climate change. The funding will support private companies in various sectors, including agri-food, manufacturing, services, logistics and distribution, as well as information and communication technologies.

The remaining USD 10 million will be on-lent to businesswomen who own SMEs with fewer than 250 employees and an annual turnover of less than €50 million in Egypt. The loans, which will target various sectors and industries, are aimed at building the capacity of small businesses run by women.

Through these agreements, “the EBRD aims to support Egypt’s transition to a greener economy and greater participation of women in business, by increasing access to finance and scaling up climate adaptation investments,” said EBRD Vice-President Jürgen Rigterink.

The EBRD has been active in Egypt since 2012. To date, the country has received more than €12 billion in investment, financing that has supported more than 180 projects in various sectors.

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