13 June 2024 04:46 AM

Egypt, IFC ink two agreements to support MSMEs, healthcare

Sunday، 12 May 2024 - 06:19 PM

Banque du Caire and the International Finance Corporation (IFC), a member of the World Bank Group, signed on Sunday a financing agreement worth $100 million.

The agreement includes $50 million to support the development efforts of micro, small, and medium private sector projects, with a focus on financing projects owned by women entrepreneurs.

An additional $50 million is allocated for trade financing under the IFC’s International Trade Finance Programme.

The two sides signed the agreements during IFC Day in Egypt, which kicked off in Cairo on Sunday.

The event was attended by Prime Minister Mostafa Madbouly and the ministers of planning, finance, communications, and public business, along with a group of bank presidents and private sector companies.

Egypt’s Minister of International Cooperation Rania Al-Mashat emphasized this agreement is not the first of its kind, as the corporation has previously financed the country’s first green bonds for the private sector, providing $100 million to the International Finance Corporation, thus supporting green transformation efforts and emissions reduction.

Ahramonline


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