Egypt's Banque du Caire Secures $100 Million Loan Deal with International Finance Corporation

Banque du Caire has inked a significant deal with the International Finance Corporation (IFC), securing a loan worth $100 million.

This agreement, announced via a statement, outlines a strategic allocation of funds aimed at fostering development initiatives, particularly focusing on small, medium, and micro-enterprises (SMMEs) operating within the private sector.

Of the total sum, $50 million has been specifically earmarked to support projects led by women entrepreneurs, aligning with efforts to promote gender equality and empower women in business.

This allocation underscores a commitment to address gender disparities in access to financial resources and opportunities.

Furthermore, the agreement designates another $50 million to finance trade activities under the IFC's Global Trade Finance Programme to facilitate smoother trade operations, enhancing economic activities and fostering international commerce.

The signing of this agreement took place on the sidelines of the IFC Day in Egypt event, where Minister of International Cooperation Rania El-Mashat highlighted the significance of this collaboration.

El-Mashat noted that while this agreement marks a milestone, it is not the first of its kind between the IFC and Banque du Caire. Previously, the corporation had financed Egypt's inaugural green bonds for the private sector with a sum of $100 million.

Elaborating further, El-Mashat underscored the collaborative efforts between Egypt and its development partners, which have resulted in substantial concessional development financing totaling $900 million.

These efforts reflect a concerted commitment to driving sustainable development and economic growth in Egypt, leveraging partnerships and innovative financing mechanisms to address key developmental challenges.

Source: Mubasher