| Project Detail |
Location: Egypt Project number: 54606 Business sector: Financial institutions Notice type: Private Environmental category: FI Approval date: 13 Jun 2023 Status: Approved PSD disclosed: 15 Jun 2023 Provision of a senior unsecured loan in local currency of up to EGP 200 million (ca. EUR 6.0 million equivalent) in favour of Reefy Microfinance Enterprise Services (Reefy). The loan is under the Egypt Youth in Business (YiB) programme to on-lend to private youth-led and/or owned MSMEs in Egypt, particularly in remote regions. The loan will be accompanied by a comprehensive package of technical cooperation and investment incentives, funded by the European Union and EBRD Shareholder Special Fund, aimed at strengthening the capabilities of Reefy and the sub-borrowers while alleviating the impact of macroeconomic turbulences and inflationary pressures on end-beneficiaries. Project Objectives The loan aims at opening up economic opportunities for young people and promoting their access to finance by supporting the development of youth-led and/or owned enterprises and the non-bank financial services industry in Egypt. |
