Banque du Caire and the International Finance Corporation (IFC), a member of the World Bank Group, joined forces to support Egyptian businesses and trade with a $100 million financing agreement. This significant partnership was announced during IFC Day in Egypt, a major event focused on the country’s economic development.
Empowering Businesses and Women Entrepreneurs
The agreement allocates $50 million specifically to bolster micro, small and medium enterprises (MSMEs) within the private sector. This vital funding aims to fuel the development of these businesses, which are the backbone of many economies.
Enhancing Trade Finance
The remaining $50 million is dedicated to trade finance through the IFC’s Global Trade Finance Program. This program facilitates international trade by mitigating risk and ensuring smoother financial transactions. By enhancing trade finance, this initiative can significantly contribute to Egypt’s economic growth.
Building on a Strong Foundation
This collaboration between Banque du Caire and the IFC builds upon a successful track record. Egypt’s Minister of International Cooperation highlighted that the IFC previously financed the country’s first green bonds for the private sector, demonstrating their commitment to supporting Egypt’s sustainable development goals.
