Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Egypt's SCZONE welcomes Zhejiang Province delegation for trade talks    Beltone Venture Capital partners with Citadel International to manage $30m startup fund    S. Africa to use contingency reserves to tackle debt    Gaza health authorities urge action for cancer, chronic disease patients    Transport Minister discusses progress on supplying new railway carriages with Hungarian company    Egypt's local gold prices see minor rise on April 18th    Expired US license impacts Venezuela crude exports    Taiwan's TSMC profit ups in Q1    Yen Rises, dollar retreats as G7 eyes currency calm    Egypt, Bahrain vow joint action to end Gaza crisis    Egypt looks forward to mobilising sustainable finance for Africa's public health: Finance Minister    Egypt's Ministry of Health initiates 90 free medical convoys    Egypt, Serbia leaders vow to bolster ties, discuss Mideast, Ukraine crises    Singapore leads $5b initiative for Asian climate projects    Karim Gabr inaugurates 7th International Conference of BUE's Faculty of Media    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    Eid in Egypt: A Journey through Time and Tradition    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Tourism Minister inspects Grand Egyptian Museum, Giza Pyramids    Egypt's healthcare sector burgeoning with opportunities for investors – minister    Egypt starts construction of groundwater drinking water stations in South Sudan    Russians in Egypt vote in Presidential Election    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Egypt's powerhouse 'The Tank' Hamed Khallaf secures back-to-back gold at World Cup Weightlifting Championship"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    Egypt builds 8 groundwater stations in S. Sudan    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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



EBRD, EU provides $50 million to NBK Egypt for Egyptian MSMEs
Yomna Yasser Published in Amwal Al Ghad on 24 - 11 - 2022

The European Bank for Reconstruction and Development (EBRD) announced on Thursday a financial package of up to $50 million to the National Bank of Kuwait Egypt (NBK Egypt) designed for micro, small and medium-sized enterprises (MSMEs) in Egypt.
According to a statement by the EBRD, the package comprises a loan of $40 million that NBK Egypt will on-lend to local private MSMEs. It also includes a $10 million loan under the EBRD Youth in Business programme, co-financed with EU funds under the Egypt Micro and Small Financial Inclusion programme, to be on-lent by NBK Egypt to local private MSMEs that are led or majority owned by entrepreneurs under the age of 35.
The EBRD's Youth in Business loan component will be complemented by up to $1 million in the form of first-loss risk cover provided by the EU under its Egypt Micro and Small Financial Inclusion programme.
A comprehensive technical cooperation package, focusing on staff training and development of skills, will accompany both loans. It will assist NBK Egypt with programme implementation, marketing and general awareness raising, in-person and digital training, mentoring and product development, as well as advisory services, with the aim of boosting entrepreneurial skills and mindset.
The EBRD will also support NBK Egypt in improving gender equality practices and in better understanding the role of women clients and the obstacles they face.
As part of the Youth in Business loan, supported by EU and other donor funds, NBK Egypt employees will attend gender-responsive training, where they will establish and track the gender breakdown of the sub-loan portfolio, and participate in policy dialogue.
The EBRD's Youth in Business programme enables young entrepreneurs to access critically needed financing and technical assistance to grow their small businesses through dedicated credit lines on-lent by banks and microfinance institutions. The credit lines are complemented by technical assistance for partner banks to boost their lending capacity.
The loans were signed as part of an EBRD youth forum titled "Boosting Next Generation Businesses", which provided an update on the activities of the Youth in Business programme. The event witnessed the attendance of several banking and non-banking financial institutions, in addition to representatives from the Central Bank of Egypt (CBE).

Clic here to read the story from its source.