The EU’s European Investment Bank this month announced plans to loan $750mn to Egyptian SMEs “in response to the Covid-19 crisis affecting private businesses.” The London-based European Bank For Reconstruction & Development (EBRD), meanwhile on 12 August announced that it had already approved $200mn in similar loans. Disbursement under both facilities would be via Egypt’s state Banque Misr.
This Euro-cash follows last month’s receipt of $3.55bn from the Cairo-based African Export-Import Bank (Afreximbank) to help Egypt deal with the economic and health impacts of the Covid-19 pandemic” (MEES, 24 July). (CONTINUED - 117 WORDS)