Europe's largest development bank, the EIB signed on Tuesday a €20 million ($23.3 million) financing agreement with AlexBank to support small and medium-sized businesses and midcaps in Egypt. The operation comes under the EIB's Economic Resilience Initiative (ERI), aimed at enhancing the prospects for more resilient and inclusive growth, fostering financial inclusion and creating sustainable employment opportunities in the North African country. The finance agreement is the first EIB credit line for small and medium-sized enterprises provided through AlexBank, which will channel the funds at affordable rates to Egyptian businesses, thereby enhancing economic growth by catalysing and accelerating private investment. "This partnership with Alexbank will contribute to speeding up the delivery of finance to support the investments of small and medium-sized enterprises in Egypt. SMEs play an important role in job creation, innovation and sustainable economic growth." Flavia Palanza, Director for EU Neighbouring Countries at the EIB, said. "As the bank of the European Union, our aim is to contribute to building a stronger and resilient economy in Egypt – as well as in the region – that creates more jobs. Private sector support in the European neighbourhood region is a priority under the EIB's Economic Resilience Initiative." Palanza added. The EIB deal is the first of its kind to be signed with AlexBank in the SMEs field, said Dante Campioni, Managing Director of AlexBank.
