The Islamic Corporation for the Development of the Private Sector (ICD) and Banque Misr have joined forces in a pivotal move to bolster small and medium enterprises (SMEs) in Egypt. Their collaborative effort entails a $30 million financing line to support private sector projects and SMEs, signifying a concerted push to stimulate economic growth and empower entrepreneurs.

The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) group, signed a letter of intent with Banque Misr to provide a line of financing of 30 million USD aiming at bolstering the private sector in Egypt, according to an official report published today 19 Feb. 2024. The agreement, formalized in the presence of Egyptian officials, including ministers from key sectors such as planning, supply, and petroleum, underscores a strategic partnership with significant potential.

Engineer Hani Salem Sonbol, Acting CEO of ICD, also attended the signing ceremony and lauded the initiative's strategic importance. He thus stated: " Banque Misr is a valuable customer for ICD. This new financing line builds upon our successful 2017 partnership with Banque Misr, where we provided a line of financing of $25 million for a period of 5 years. The current agreement aligns with our goals in Egypt by increasing access to finance for SMEs, fostering job creation, and empowering youth and women entrepreneurs in Egypt.” He emphasized the alignment of this agreement with the organization's overarching goals, particularly in enhancing access to finance for SMEs and fostering job creation, especially among youth and women entrepreneurs.

Echoing this sentiment, Mr. Mohamed EL-Etreby, Chairman of Banque Misr, reiterated that the signing represents a continuation of the ongoing collaboration with the ICD in funding private sector enterprises, SMEs, and other projects. He clarified that this partnership aligns with Banque Misr's overarching strategy, which prioritizes supporting projects across various sectors. The bank places significant importance on providing comprehensive financial and non-financial services to meet the sector's needs. This approach aims to propel economic advancement, enhance development indicators, boost economic growth rates, promote domestic goods, and decrease reliance on imports, thereby positively impacting the national economy.

It is worth noting that ICD financing to Egypt has totaled 315 million USD, supporting the private sector financing lines to banks and direct investments. According to ICD, these financing lines have positively contributed to the various economic areas in Egypt, including job creation, development, energy, food, and industry.

With this collaboration, Banque Misr and ICD are poised to significantly impact Egypt's economic landscape, fostering growth, innovation, and sustainability in the private sector.

The Editorial Team