The National Bank of Egypt (NBE) signed Monday a $100 million financing agreement with the European Bank for Reconstruction and Development (EBRD) to expand lending to micro, small and medium-sized enterprises, particularly those run by women and young entrepreneurs. The financing agreement was signed in Cairo at the start of a visit by Greg Guyett, the EBRD's newly appointed First Vice President, the Ministry of Planning, Economic Development and International Cooperation said in a statement. "Through this partnership, we aim to empower the private sector and stimulate investment, providing much-needed access to affordable financing," said Rania Al-Mashat, Egypt's Minister of Planning, Economic Development and International Cooperation. She added that the initiative complements ongoing economic reforms designed to make the country's economy more competitive, resilient, and private-sector-led. Guyett called the loan a milestone in the EBRD's long-standing engagement in Egypt and said it would create more opportunities for small businesses across the country, especially those led by women and young people, which he said are key drivers of innovation and inclusive growth. NBE Chairman Mohamed El-Etreby said the bank would use the funds to strengthen the productive capacity of micro, small, and medium enterprises and to help young entrepreneurs scale their businesses. Egypt, a founding member of the EBRD, has received more than €13.8 billion in investments since the start of the bank's operations there in 2012, most of it in the private sector. For the seventh year in a row, Egypt was the lender's largest area of operations in the Southern and Eastern Mediterranean region in 2024. The loan reflects the government's ongoing efforts to deepen private-sector participation in the economy and to broaden access to financing for businesses outside the traditional state-dominated sectors. Attribution: Amwal Al Ghad English
