The European Bank for Reconstruction and Development (EBRD) is stepping up its support for women entrepreneurs in Egypt, with a loan of EGP 80 million (€4.3 million equivalent) to Reefy Microfinance Enterprise Services, the country’s first licensed microfinance institution.
The loan will be provided under the EBRD’s Women in Business programme. It will be used to support privately owned micro, small and medium-sized enterprises (MSMEs) that are owned by women, especially in governorates other than Greater Cairo and Alexandria.
Supported by funds from the European Union Initiative for Financial Inclusion,* and in conjunction with the EBRD’s Advice for Small Businesses unit, the programme will also offer capacity-building and advisory services directly to women-led MSMEs to boost women entrepreneurs’ know-how.
The loan will help Reefy introduce new financial products, modified lending practices and business models that are more inclusive and gender-responsive.
Egypt is a founding member of the EBRD. Since the start of the Bank’s operations there in 2012, the EBRD has invested almost €8 billion in 136 projects in the country.
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