IFC & Banque Misr Support Egypt's Women-Led MSMEs

The International financial Corporation (IFC), a World Bank Group member, and Banque Misr, Egypt's second-largest state bank, are collaborating to increase financial access for micro, small, and medium-sized firms (MSMEs) in Egypt, with a particular emphasis on women-owned MSMEs.

International financial Corporation announced a $234 million credit to Banque Misr to encourage financing to these enterprises during the World Bank Group-International Monetary Fund Annual Meetings in Marrakech.

Half of the loan would go to women-owned MSMEs, bridging the gender finance gap. With $190.7 million from IFC and $43.3 million from IFC's Managed Co-Lending Portfolio Program (MCPP) One Planet, as well as concessional finance from IFC's Global SME Finance Facility, this is IFC's first gender-lens investment in an Egyptian state bank.

The collaboration also strengthens Banque Misr's ZAAT program, which provides mentorship to female entrepreneurs. Over the previous year, the initiative has helped over 55,000 women get access to financial services.

The Chairperson of Banque Misr, Mohamed El-Etreby, sees this collaboration as a way to improve financial inclusion for women entrepreneurs and support their transfer from the informal to the formal sector.

Sérgio Pimenta, IFC Vice President for Africa, emphasizes the investment's potential for job creation, economic growth, and gender equality, which aligns with the World Bank Group's strategy for Egypt.

In Egypt, the IFC has a significant investment portfolio and supports critical sectors such as access to finance, fintech, climate financing, manufacturing, infrastructure, renewable energy, healthcare, and gender inclusion. This collaboration is an important step toward a more inclusive and thriving Egyptian economy.