ICD, Banque Misr partner to provide $30M financing line for Egyptian private sector, SMEs
Updated 2/19/2024 1:51:00 PM
Arab Finance: The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) group, has signed a letter of intent (LoI) with Banque Misr to provide a $30 million financing line to promote the private sector projects and small and medium-sized enterprises (SMEs) in Egypt, as per an emailed press release.
“This new financing line builds upon our successful 2017 partnership with Banque Misr, where we provided line of finance of $25 million for a period of 5 years, the current agreement aligns with our goals in Egypt by increasing access to finance for SMEs, fostering job creation, and empowering youth and women entrepreneurs in Egypt.” ICD’s Acting CEO Hani Sonbol said.
It is worth noting that the ICD has provided $315 million in financing to Egypt so far to shore up the private sector, financing lines to banks, and direct investments.
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