The Islamic Corporation for the Development of the Private Sector (ICD) has signed a letter of intent with Banque Misr to provide $30 million in financing to support small and medium enterprises (SMEs) in Egypt.
The ICD’s Acting CEO, Engineer Hani Salem Sonbol, and Banque Misr’s Chairman Mr. Mohamed EL-Etreby, signed the letter of intent.
“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 finance of $25 million for five 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,” said ICD’s Acting CEO, Hani Salem Sonbol.
Since its inception, ICD has provided $315 million in financing to Egypt, supporting private sector companies, financing lines to banks and direct investments. The funds have demonstrably contributed to economic growth, job creation, and development across various sectors, including energy, food, and industry.
Mohamed El-Etreby, Chairman of Banque Misr, confirmed that this signing is a continuation of the ongoing cooperation with the ICD in financing the private sector companies, and small and medium enterprises, explaining that this cooperation is a step within the framework of Banque Misr’s strategy to support and assist projects of all categories.
Banque Misr is keen to enter into many initiatives and protocols to expand financing for the project sector out of its belief that these projects are the engine and pillar of economic growth.
