US State Secretary, Egypt FM discuss bloodshed in Gaza, stress strategic partnership    Egypt's Al-Sisi in Paris for Sudan Transition Conference    Sundance Institute names 20 fellows across upcoming summer labs    Grand Egyptian Museum opening to be as impressive as Royal Mummies Parade: El-Anani    Egypt to soon complete COVID-19 vaccination of tourism workers in Red Sea, South Sinai    EGP 308.3bn allocated to Egypt economic authorities to support services, development projects    Chief of Egypt's Financial Regulator elected as committee head at IOSCO    Washington calls for resumption of GERD talks    Egypt, Saudi Arabia aim to restore calm in Palestinian territories    Comedy actress Nadia Al-Iraqia passes away from COVID-19    Egypt's Health Ministry launches awareness campaigns against COVID-19    Sudan pledges to investigate killing of 2 protestors during peaceful sit-in    Egypt scales up readiness of hospitals nationwide for Eid Al-Fitr holidays    Egyptian hospitals in Sinai on alert amid Israeli aggression on Gaza    Egypt announces Thursday 1st day of Eid Al-Fitr    Nuweiba: Egypt's paradise of serenity    Egypt's trade deficit down 1.2% to $3.34bn in February 2021: CAPMAS    Global economic recovery to improve debt service coverage ratios: Moody's    Egypt's current account deficit jumps to $7.6 bln in 1H of FY2020/21: CBE    India signs an agreement to buy 300,000 doses of Remdesivir from Eva Pharma    Egypt will locally manufacture first 2m Sinovac vaccine doses by June-end    Turkey seeks to restore 'historic unity' with Egyptian people: Erdogan    Elneny's Arsenal targets 'remontada' in Europa League semi-finals    Zamalek eye return to victories at expense of Smouha in Egyptian Premier League    Al Ahly face injuries as they take on Al Ittihad Alexandria    Egypt buys 30 Rafale fighter jets from France    Direct flights between Russia and Egypt will resume in June, Ambassador    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Blinken presses Ethiopia's Abiy to ensure full withdrawal of Eritrean troops from Tigray    Forces opposed to Somali president control parts of Mogadishu    Nine people executed in Egypt over Kerdasa police killings in 2013    UEFA investigating Ibrahimovic's alleged ties to betting company    61 doctors died from coronavirus since start of April: Egypt's medical syndicate    Egypt targets 5.6% inflation rate in FY2020/21, 6% in FY2021/22    Egypt allocates EGP 132 bln to modernise railway system: Transport minister    Real Madrid not thinking about any Super League sanctions: Zidane    Total declares force majeure on Mozambique LNG after attacks    All the winners at the 93rd Academy Awards    Egypt's Ahly granted approval to build new stadium on Cairo outskirts    Aswan Int'l Women's Film Festival dedicates 5th edition to Kawthar Heikal    BREAKING: Egypt's information minister Osama Heikal resigns amid parliamentary criticism    'War was not Egypt's aim, but peace was the ultimate goal,' Sisi says on Sinai Liberation Day anniversary    Factbox: Key nominations for the 2021 Academy Awards    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    Veteran Egyptian journalist Makram Mohamed Ahmed passes away at 86    Allianz Egypt partners with IGNITE to equip brand ambassadors for 2021 Olympics    Hassan Allam consortium wins contract to manage, operate Grand Egyptian Museum    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    

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

Egypt, Japan sign MSME facility agreement worth $100m
New facility aims to boost MSMEs to lead Egypt's economic growth
Published in Daily News Egypt on 05 - 04 - 2021

Egypt's Banque Misr, the Japan International Cooperation Agency (JICA), and Sumitomo Mitsui Banking Corporation (SMBC) signed a loan agreement worth $100m, on 30 March, to support micro, small and medium enterprises (MSMEs) in Egypt.
On Sunday, a ceremony was held to celebrate the agreement and distribute the plaques by JICA. The ceremony was chaired by: Banque Misr Chairperson Mohamed El Etreby; Akef El-Maghraby, Deputy Chairperson of Banque Misr; Mostafa Gamal, Director of Treasury and Financial Institutions at Banque Misr; Omura Yoshifumi, Chief Representative of the JICA Egypt Office; and Jun Saito, Regional Head of Middle East at SMBC.
The signing was witnessed by Japan's Ambassador to Egypt Noke Masaki, Director General of Middle East and Europe Department of JICA Matsunaga Hideki, and Professor Hany Helal, Former Minister of Higher Education and JICA Advisor.
The new facility aims to boost the ability of MSMEs to lead Egypt's economic growth through an improvement of access to finance.
It is also aligned with the Egyptian Government's efforts in expanding the financing of MSMEs to reduce unemployment, advance the national economy, and mitigate the negative impacts of the novel coronavirus (COVID-19) pandemic.
Moreover, this facility focuses on supporting women-owned MSMEs in Egypt. As a project to lead to economic empowerment of women, it is expected to contribute to the G7 2X Challenge: Financing for Women initiative, which was launched at the Group of 7 (G7) Leaders' Summit in 2018. This is also the First Private Sector Investment Finance (PSIF) cooperation for JICA in Egypt.
Omura expressed his pleasure for the launch of JICA's private sector finance in Egypt and the partnership with Banque Misr and SMBC.
This project will be regarded as the First Project under the "Sustainable Finance Framework", which was newly established between JICA and SMBC. It aims to facilitate Environmental, Social and Governance (ESG) finance, and contribute to achieve the UN's Sustainable Development Goals (SDGs) through partnerships, in line with international principles of social financing.
Ambassador Noke welcomed the new facility, which is set to benefit Egyptian MSMEs, in line with the Egyptian Government's policies. The Ambassador also highlighted that this will shape a new type of partnership to contribute to Egypt's development.
El Etreby confirmed that the agreement's signing seeks to assist Egypt's national economy through MSMEs in various activities. He added that Banque Misr is one of the most pioneering financial institutions in supporting and financing MSMEs especially women-owned MSMEs.
JICA PSIF projects and agreements aim to stimulate economic activity, boost the private sector and improve the living standards of people in developing countries through equity investments and loans for projects. JICA will continue its collaboration with countries and international organisations to promote quality infrastructure investment and contribute to social and economic development based on the SDGs.

Clic here to read the story from its source.