CBE, banks to launch card tokenization on Android mobile apps    CIB completes EGP 2.3bn securitization for GlobalCorp in seventh issuance    Mobile wallet transactions in Egypt surge 72% in Q2 2025 to EGP 943.4bn    Right-wing figures blame 'the Left' for Kirk killing, some urge ban on Democratic Party    Ex-IDF chief says Gaza war casualties exceed 200,000, legal advice 'never a constraint'    Egypt's Sisi ratifies €103.5m financial cooperation deal with Germany    Egypt's FM heads to Doha for talks on Israel escalation    Israeli strike in Doha escalates regional tensions, threatens Gaza ceasefire talks    Egypt strengthens inter-ministerial cooperation to upgrade healthcare sector    Egyptian government charts new policies to advance human development    Egypt, Spain discuss expanding health cooperation, support for Gaza    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt expresses condolences to Sudan after deadly Darfur landslides    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Foreign, housing ministers discuss Egypt's role in African development push    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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.



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.