Egypt’s Banque Misr receives loan from African Development Bank, China
The loan could help Egyptian startups and comes amid Egypt’s ongoing economic crisis.
The African Development Bank approved a new loan to Egypt last week.
The Ivory Coast-based financial institution loaned the Egyptian state-owned Banque Misr a $130 million line of credit. There is an additional $30 million from the Africa Growing Together Fund, according to a Nov. 10 press release.
The Africa Growing Together Fund is sponsored by China and administered by the African Development Bank.
The purpose of the loan is to provide extra liquidity to Banque Misr so it can extend loans to small- and medium-sized businesses and corporations. Banque Misr is to provide the loans to entities operating in industry, information and communications technology, and agriculture, per the release.
