EIB, Banque Misr strengthen cooperation to support SMEs and sustainability financing

The European Investment Bank and Banque Misr formally agreed to strengthen cooperation to further strengthen support for SME lending and increase financing for companies in sectors most impacted by the COVID 19 pandemic.

The two new technical assistance programmes were launched by EIB Vice President Gelsomina Vigliotti and Banque Misr Vice Chairman Akef El Maghraby at Banque Misr’s headquarters.

“Banque Misr and the European Investment Bank are supporting transformational private sector investment by Egyptian companies across the country. It is an honour to welcome Vice President Vigliotti and the EIB team to Banque MIsr headquarters. The two new technical assistance programmes agreed today will enable even stronger support for business investment and enable smaller companies to growth, create jobs and harness new business opportunities.” said Banque Misr Vice Chairman Akef El Maghraby .

“The European Investment Bank is committed to supporting private sector investment in cooperation with leading local financial partners.

The two new financial sector best practice agreements confirmed will allow Banque Misr to increase financing for smaller businesses and enhance targeted financing for sustainable investment and sectors most impacted by COVID-19. This builds on the success of EUR 1.75 billion of EIB backed credit lines managed by Banque Misr agreed over the last five years.” said Gelsomina Vigliotti, Vice President of the European Investment Bank.