AfDB approves $160m loan to Banque Misr to finance Egyptian businesses | Business
Summary
"Our ambition is to unleash the potential of the Egyptian private sector to strengthen its contribution to Egypts economy," said Mohamed El Azizi, Director General of the African Development Bank for North Africa. "Our objective is to open new possibilities for them to invest and grow in order to contribute to food security and strengthen the dynamics of industrial transformation and modernization. "The loan will contribute to increasing the countrys industrial production, strengthening economic competitiveness, generating fiscal revenues and creating employment opportunities, especially for women and young people.Stefan Nalletamby, Director of the African Development Banks Financial Sector Development Department, said, "the private sector is a key driver of economic growth and job creation in Egypt. The loan to Banque Misr, whose tenor is 10 years, will facilitate access to stable financing for small, medium and large companies in key sectors of the economy. Since the start of operations in the country in 1974, the Bank has mobilized more than $6.7 billion in investments in the energy, water and sanitation, transport, human development, agriculture and financial sectors.