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EBRD announced Wednesday supporting the real economy in Egypt with a $ 200 million financing package to Banque Misr for trade and for on-lending to small and medium-sized enterprises (SMEs) and private businesses – a key segment of the local economy - impacted by the coronavirus pandemic.
EBRD will provide a $ 100 million loan to enable Banque Misr to provide short-term financing to private SMEs and corporates facing liquidity strains due to a decrease in their activities and turnover caused by Covid-19.
The proceeds of the proposed loan will be on-lent to local private small and medium-sized enterprises and to corporates, supporting them in bridging liquidity needs.
The Minister of Health and Population, Hala Zayed, emphasized the importance of solidarity of all state institutions, which will contribute greatly to Egypt overcoming this crisis.
Mohamed el Atrebi, the Board Chairman of Banque Misr, told MENA that the bank sold certificates worth 55 billion pounds throughout the past three months.
Banque Misr and The Information Technology Industry Development Agency (ITIDA) signed Friday a cooperation protocol to ease financing of small and medium-sized enterprises (SMEs) in the information and communications technology (ICT) sector.
Mohamed el Atrebi, the Board Chairman of Banque Misr, told MENA that the bank sold certificates worth 49 billion pounds by the end of the previous week.
Mohamed el Atrebi, Board Chairman of Banque Misr, told MENA that the bank sold certificates worth 43 billion pounds since the new certificates were issued.
Mohamed el Atrebi, Board Chairman of Banque Misr, told MENA that the bank sold certificates worth 39 billion pounds since the new certificates were issued.
This securitization bond issue was achieved in the light of fruitful cooperation between Banque Misr and Sarwa Capital, the largest securitization provider in Egypt.
He made clear that the certificates are only available online either through the call center or online banking application.
NBE Chairman Hisham Okasha said that the bank issued 15 percent-yield saving certificates that are worth over LE 30 billion to 160,000 customers.
Etribi said these certificates will be available for several months and there is no need to be overcrowded at the bank's branches.
Yehia Abul Fotouh, Vice President of the NBE, said the bank sold 7.2-billion-pound worth certificates since they were issued on Sunday.
The official said the move comes as part of efforts to boost the Egyptian economy as the bourse has suffered deep losses over the past weeks over coronavirus concerns.
Banque Misr has won the award of the best bank’s role in financing mega projects and joint loans at bt100 Awards.
Banque Misr has signed a cooperation protocol to fund Al Nas Hospital in Qalyubia governorate with EGP 30 million.
The National Bank of Egypt (NBE) and Banque Misr signed Wednesday a cooperation protocol with the General Authority for Roads, Bridges and Land Transport (GARBLT) on revamping part of the Ring Road in Cairo
The signing ceremony was attended by Chairman of Banque Misr Mohamed El-Etreby and CEO of e-finance Ibrahim Sarhan.