Reefy Microfinance Enterprise Services, an Egypt-based microfinance institution (MFI), recently agreed to accept a loan of EGP 200 million (USD 6.5 million) from the UK-based European Bank for Reconstruction and Development (EBRD). The loan is part of EBRD’s Youth in Business program, which supports “youth-owned and youth-led private micro-, small and medium-sized enterprises (MSMEs)… particularly in remote areas.”
Reefy focuses on reaching “unbanked clientele” outside of urban areas with loans designed for women borrowers as well as for funding medical equipment, home improvement and vehicles. Founded in 2007, the MFI has 154 branches and an outstanding portfolio of EGP 2.9 billion (USD 93 million) as of May 2023. The company is controlled by the Egyptian financial services group CI Capital.
EBRD was founded in 1991 and seeks to further “market-oriented economies and the promotion of private and entrepreneurial initiative” in Eurasia and North Africa. The institution is owned by 71 countries, along with the EU and the European Investment Bank. It reported disbursing investments totaling EUR 13 billion (USD 14 billion) during 2022, resulting in total assets of EUR 30 billion (USD 32 billion) at the end of that year.
By Elva Montelongo, Research Associate
Sources and Additional Sources
EBRD project summary
https://www.ebrd.com/work-with-us/projects/psd/54606.html
Reefy homepage
https://reefy.net/
CI Capital homepage
https://www.cicapital.com/
Previous MicroCapital brief on EBRD
https://www.microcapital.org/microcapital-brief-uzpromstroybank-uzpsb-borrowing-15m-from-ebrd-for-smes-in-uzbekistan/
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