Banque du Caire secures $100mln SME financing from IFC

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Banque du Caire has signed an agreement with the International Finance Corporation (IFC) for a $100 million loan.

This agreement includes $50 million earmarked to bolster the development initiatives of small, medium, and micro-enterprises (SMEs) within the private sector, with a specific emphasis on financing projects led by women entrepreneurs, according to a statement.

Additionally, $50 million will be allocated to finance trade under the IFC's Global Trade Finance Programme.

On the sidelines of the IFC Day in Egypt event, Minister of International Cooperation Rania El-Mashat highlighted that the agreement between the IFC and Banque du Caire is not unprecedented, as the corporation had financed Egypt's first green bonds for the private sector with $100 million.

During the period 2020-2023, the Egyptian private sector secured concessional development financing totalling $10.30 billion, comprising direct financing, investment contributions, technical support, and credit lines.

El-Mashat further elaborated that collaborative efforts with development partners yielded concessional development financing of $900 million.

In 2023, Banque du Caire recorded a net profit of EGP 6.66 billion, a surge from EGP 3.13 billion.