Cairo, November 14, 2024, CIB- Egypt’s leading private-sector bank, has signed a credit risk guarantee agreement with EBRD to support Egyptian SMEs. This agreement will help CIB to cover 50% of the credit risk associated with a €50 million SMEs loans portfolio.

The new agreement also benefits from the guarantee provided by the European Union within the framework of the European Fund for Sustainable Development Plus (EFSD+) to support Egyptian small and medium enterprises. This financial tool aims to reduce the financial risks of funding small companies and promoting Egypt’s economic growth.

CIB offers customers a wide range of products and service. The bank is a strategic partner to EBRD due to its comprehensive banking network and pivotal role in enhancing Egypt’s banking landscape.

Commenting on the transaction, Mr. Amr El-Ganainy, Deputy CEO & Executive Board Member, said, “Our partnership with the EBRD marks a pivotal moment in our commitment to empowering SMEs. This strategic alliance with the EBRD is a catalyst for economic growth in Egypt and we are proud to be at the forefront of this initiative and contribute to a more prosperous future for Egypt.”

Mr. Rashwan Hammady, CEO Retail Banking & Financial Inclusion, stated, “We are pleased to advance our partnership with EBRD, as this risk sharing agreement underscores our commitment to empowering SMEs. Through improving access to finance, we enable companies to innovate, grow, and positively contribute to Egypt's economic prosperity. CIB is proud to support the next generation of entrepreneurs, helping cultivate a thriving entrepreneurship ecosystem.”

Egypt is a founding member of the EBRD. Since the bank commenced operations in 2012, it has invested over €12.5 billion in 187 projects across diverse sectors. Investment areas include agribusiness, financial services, and infrastructure projects in the municipal water, power, wastewater, and services sectors, and has contributed to developing the transport sector.