Int’l financing institutions inject about $890 m investments into Egypt’s private sector in Nov.
The Ministry of Planning, Economic Development, and International Cooperation announced that international financial institutions invested ...
The European Bank for Reconstruction and Development (EBRD) is extending, for the first time in Egypt and the southern and eastern Mediterranean region, an unfunded portfolio risk-sharing facility for up to €35 million to QNB to support on-lending to Egyptian enterprises.
The EBRD’s facility will cover up to 50 percent of credit risk on new financing of up to €70 million originated by QNB for small and medium-sized enterprises (SMEs) in Egypt. The facility offers an innovative solution to boost on-lending to local SMEs and reduce the financing gap that the segment faces.
The facility is supported by a guarantee provided by the European Union (EU) under the European Fund for Sustainable Development Plus (EFSD+), which enhances financing and investment operations in partner countries outside of Europe.
In addition, the Bank will roll out a pilot EBRD climate-risk assessment tool in Egypt, tailored to QNB. The tool and the associated technical cooperation will help QNB expand its climate-risk assessment toolkit to better evaluate, assess and monitor the climate-related risks in the bank’s portfolio, in line with international best practice.
The agreement was signed by Jürgen Rigterink, EBRD First Vice President, and Mohamed Bedeir, QNB-Egypt Chief Executive Officer.
“We are proud of our longstanding partnership with the EU and QNB Egypt. Together we are committed to creating more impact through our cooperation and to building a more sustainable economy. The signing of this pilot facility is a testament to QNB’s leading role in the market in adopting innovative financial instruments and supporting local SMEs, a critical segment for the resilience of the Egyptian economy,” said Jürgen Rigterink.
Mohamed Bedeir said “We are very pleased that this agreement with the EBRD and EU is the first of its kind in Egypt. We are proud of this partnership, which represents another great milestone in our joint endeavors towards a more resilient and sustainable future. With today’s signing, the significant impact we brought jointly to the SME ecosystem will be further empowered, and our efforts towards the mitigation of climate change will be further strengthened. Today, the cooperation portfolio between QNB Egypt and the EBRD will rise to about $ 830 million, which reflects the depth of our strategic partnership.”
Gert Jan Koopman, Director-General at the European Commission’s Directorate General for Neighborhood and Enlargement Negotiations, said: “I am delighted to support the EBRD and QNB partnership on this innovative facility, which will have a tangible impact on Egyptian small businesses. By sharing the risk and providing access to finance, we are empowering local entrepreneurs to drive growth and create jobs, ultimately contributing to a more resilient and sustainable economy.”
The Ministry of Planning, Economic Development, and International Cooperation announced that international financial institutions invested ...
*DHL report: Global average for customers willing to pay more for sustainable shipping is just 23% ...
GRI continues to be the most widely used by companies across all regions: Asia-Pacific (75%), ...
اترك تعليقا