International Finance Corporation (IFC), a member of the World Bank Group, and Banque Misr, Egypt’s second-largest public sector bank, have announced a partnership to increase access to finance for privately-owned micro, small and medium-sized enterprises (MSMEs), including women-owned MSMEs, in the country. The partnership aims to create jobs, boost economic growth, and reduce the gender financing gap.
IFC will provide Banque Misr with a $234m loan to support its lending to micro and small businesses, which employ most of Egypt’s private sector workforce and are the country’s primary source of job creation. The loan was announced at the World Bank Group – International Monetary Fund Annual Meetings in Marrakech, according to the “Daily News Egypt” website.
Half of the loan will be dedicated to women-owned MSMEs, helping address these businesses’ large financing gap. The loan builds on IFC’s support for Banque Misr’s ZAAT program, which provides women with advice and mentorship to grow their businesses. Over the past year, Banque Misr has introduced banking services to more than 55,000 women.
