Banque Misr, a financial institution owned by the Egyptian government, recently agreed to work with the European Investment Bank (EIB) on technical assistance efforts to: (1) improve Banque Misr’s risk management and enterprise-wide best practices for lending to small and medium-sized enterprises (SMEs); and (2) create new financial services through which Banque Misr can support SMEs hard hit by the COVID-19 pandemic.
Overall, Banque Misr Vice President Akef El Maghraby said, “The two new technical assistance programs agreed today will enable even stronger support for business investment and help small businesses to grow, create jobs and exploit new business opportunities”.
Banque Misr, established in 1920, has 756 branches across Egypt in 2022. It serves approximately 13 million customers and has 20,000 employees. In the quarter ending September 2021, it generated 21 billion EGP (1.1 billion USD) in profit on total assets of 1.5 trillion EGP (79 billion USD).
The EIB was founded in 1958 and works to promote EU interests around the world by providing technical assistance, loans for large-scale projects and financial guarantees. The institution disbursed loans totaling 65 billion euros ($65 billion) in 2021.
By Hasnat Aslam, Research Associate
Sources and additional resources
Banque Misr homepage
Previous MicroCapital article on the EIB
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