The Japan International Cooperation Agency (JICA), Sumitomo Mitsui Banking Corporation (SMBC) and Banque Misr signed loan agreement worth $100 million to support Micro, Small and Medium Enterprises (MSMEs) in Egypt on Sunday<\/p>\n
The new facility aims at boosting the MSMEs’ ability to lead Egypt\u2019s economic growth through improvement of access to finance for MSMEs according to JICA<\/p>\n
In addition, It is consistent with the Egyptian government\u2019s efforts in expanding the financing of MSMEs towards reducing unemployment, advancing the national economy and mitigating the negative impact of COVID-19.<\/p>\n
It added that this facility focuses on supporting Women-owned MSMEs in Egypt<\/p>\n
This is the First Private Sector Investment Finance (PSIF) cooperation for JICA in Egypt. JICA has an on-going portfolio of cooperation with the Government of Egypt of almost $3 billion as Government-to-Government cooperation.<\/p>\n
This project will also be regarded as the First Project under the \u201cSustainable Finance Framework\u201d, which was newly established between JICA and SMBC in order to facilitate Environmental, Social and Governance (ESG) finance and contribute to achieve Sustainable Development Goals (SDGs) through partnership, in line with international principles of social financing.<\/p>\n
Chairman of Banque Misr confirmed that the signing of this agreement aims at assisting national economy through MSMEs in various activities. El Etreby referred to Banque Misr as one of the most pioneering financial institutions in supporting and financing MSMEs especially women-owned MSMEs.<\/p>\n
JICA also noted that Banque Misr is the second largest bank in Egypt with a clear focus on MSME lending and a large retail presence across Egypt.<\/p>\n
The Bank recently won several awards in this field; including \u201cBest SME Bank \u2013 Egypt 2020\u201d from Global Business Outlook magazine; \u201cMost Innovative SME Bank \u2013 Egypt 2020\u201d from International Finance magazine; and \u201cBest SME Partner Bank \u2013 Egypt 2020\u201d from the European magazine and Best Bank for SMEs in Egypt from Asiamoney magazine and outstanding SME bank Egypt 2020 from International Investor Magazine.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The Japan International Cooperation Agency (JICA), Sumitomo Mitsui Banking Corporation (SMBC) and Banque Misr signed loan agreement worth $100 million to support Micro, Small and Medium Enterprises (MSMEs) in Egypt on Sunday<\/p>\n","protected":false},"author":4,"featured_media":320854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[],"class_list":["post-321771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking"],"yoast_head":"\n