Tottenham sign Bale on loan, Reguilon on permanent deal    Democrats face quandary on vaccine support as election nears    Nile water levels continue to decline in Sudan after devastating floods: Ministry    New UK lockdown likely sooner rather than later, ex-advisor warns    Lebanon's army finds firework cache at devastated Beirut port    Two dead as rare storm hits central Greece    Manchester United working hard in the transfer market, says Solskjaer    Aguero could be out of action until November: City boss Guardiola    India parliament session may be cut short as COVID-19 cases among lawmakers rise: Sources    Taiwan scrambles fighters as Chinese jets again fly near island    Egypt's nominee is out of the race for WTO director-general    Cairo Ring Road to be expanded from 8 lanes to 14: Transport minister    Giza Plateau official denies rumours two highways are under construction at archaeological site    Egypt's NEA announces results of Senate election run-offs    Kuwaiti NBK to launch Meeza prepaid cards in Egyptian market    Egyptian documentary 'Lift Like a Girl' premieres in Toronto to positive reviews    Climate theories on Sudan    Egypt's culture minister receives UNESCO registration of the Palm on List of Human Heritage    Egyptian insurance companies' premiums 9.6% up in five months    Egypt's President Sisi names new head of anti-corruption watchdog    Egypt's c.bank offers 18 bln pounds T-bills on Sunday    EgyptAir offering discounts for some international flights    Egypt records 212 new coronavirus cases, 14 deaths on Saturday    Egypt to require PCR coronavirus tests for airport travelers    Egypt sends 125 tonnes of glass by sea to Beirut    Legend Messi officially wants to leave Barcelona, hands transfer request    Global smartphone sales drop 20% in Q2, yet Apple's iPhone sales steady    Sisi: Egypt keen on establishing development projects with Iraq, Jordan    Egyptian megastar Amr Diab releases new hit music video    Making of Harry Potter will be available for fans at new park in Tokyo    Egypt's Senate elections official results to be announced Wednesday    Netflix Egypt is bringing megastar Amr Diab back with a new original    Egypt reopens Rafah border crossing for first time since April    Egypt's senate elections 2020 trending on social media in few days    African Champions League final will be played on Oct. 16-17, CAF says    No room to delay Egyptian Premier League games – EFA's board member    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





EBRD provides $200mn for Egypt's trade, private business amid coronavirus
Published in Amwal Al Ghad on 13 - 08 - 2020

The European Bank for Reconstruction and Development (EBRD) is supporting the economy in Egypt with a $200 million financing package to Banque Misr for trade and for on-lending to small and medium-sized enterprises (SMEs) and private businesses impacted by the coronavirus.
Under this facility, the bank will provide a $100 million loan to enable Banque Misr to provide short-term financing to private SMEs facing liquidity strains due to a decrease in their activities and turnover caused by Covid-19 crunch, the EBRD said on Wednesday.
Meanwhile, the Bank has increased the existing trade finance limit to Banque Misr by $100 million under the EBRD's Trade Facilitation Programme (TFP), to meet the increased demand for import and export transactions.
The bank said that this financing package is under the EBRD's coronavirus Solidarity Package, established to meet immediate short-term financing needs to private businesses through existing EBRD partner banks.
The EBRD expects to dedicate the entirety of its activities to combating the economic impact of the crisis and stands ready to provide support worth €21 billion over the 2020-2021 period, in order to help the 38 emerging economies where it invests.
In July, President Abdel Fattah al-Sisi ratified Law 152/2020 for the micro, small, and medium-sized enterprises (MSMEs), which aims to boost the sector amid the COVID-19 crisis through new incentives.
Under the stand-by programme deal that Egypt signed with the International Monetary Fund (IMF) in June, Egypt is required to support the private sector and engage it in the country's development process, in addition to working hand-in-hand with the public sector in ongoing and future investments in the country.
Egypt's Minister of International Cooperation Rania Al-Mashat said that the EBRD's facility is in line with the ministry's strategy focusing on the international developmental partnerships.
Banque Misr was established in 1920 and is the second-largest bank in Egypt with total assets of €54.1 billion, as of December 2019. It has been a partner of the EBRD since 2017, when a first small business loan was signed followed by a trade finance facility in 2018.
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the EBRD has invested close to €7 billion in 120 projects in the country, according to the bank.


Clic here to read the story from its source.