Banque Misr, a financial institution owned by the government of Egypt, recently agreed to work with the EU’s European Investment Bank (EIB) on technical assistance efforts to: (1) enhance Banque Misr’s risk management and company-wide best practices regarding lending to small and medium-sized enterprises (SMEs); and (2) create new financial services through which Banque Misr can support SMEs detrimentally affected by the COVID-19 pandemic.
Overall, Banque Misr Vice Chairman Akef El Maghraby said, “The two new technical assistance programmes agreed today will enable even stronger support for business investment and help smaller companies to grow, create jobs and harness new business opportunities.”
Banque Misr, established in 1920, has 756 branches across Egypt as of 2022. It serves approximately 13 million customers and has 20,000 employees. During the quarter ending September 2021, it generated EGP 21 billion (USD 1.1 billion) in profit on total assets of EGP 1.5 trillion (USD 79 billion).
EIB was founded in 1958 and works to further the EU’s interests around the world by providing technical assistance, loans for large-scale projects and financial guarantees. The institution disbursed loans totaling EUR 65 billion (USD 65 billion) during 2021.
By Hasnat Aslam, Research Associate
Sources and Additional Resources
EIB press release
https://www.eib.org/en/press/all/2022-312-eib-and-banque-misr-strengthen-cooperation-to-support-smes-and-sustainability-financing
Banque Misr homepage
https://www.banquemisr.com
EIB homepage
https://www.eib.org
Previous MicroCapital story on EIB
https://www.microcapital.org/microcapital-brief-palestinian-monetary-authority-european-investment-bank-eib-announce-63m-package-for-msmes-in-gaza-adjusting-to-covid-19-pandemic-with-focus-on-companies-run-by-women-youth/
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