Provision of a senior unsecured loan of up to EGP 80 million in favour of Reefy Microfinance Enterprise Services ("Reefy") under the Women in Business ("WiB") programme to support women-led MSMEs. The Programme will be supported by donor funds from the European Union SEMED MSME Financial Inclusion Programme ("EU SEMED MSME FIP") for a portfolio-based, risk-sharing component.
The EBRD loan will support Reefy's lending activities and expand access to finance for underserved women-led micro-enterprises, particularly in remote regions.
ETI score: 80
The ultimate goal of the WiB programme is to promote women's entrepreneurship and more broadly, their participation in the economy. The WiB facility combines dedicated financing for women-led MSMEs with technical assistance for capacity building to both the financial intermediary and end-borrowers.
The project will support on-lending to women-led MSMEs in Egypt under the objectives of the Egypt WiB Programme and Financial Intermediaries Framework ("FIF"), supporting the Inclusive (primary) and Competitive (secondary) transition qualities.
Reefy's client reach and growth trajectory support financial inclusion in the country. The project will help address the significant financing gap for women-led MSMEs in Egypt, particularly in rural areas. Rural communities and sub-segments thereof are widely underserved in terms of access to financial services.
REEFY MICROFINANCE ENTERPRISE SERVICES SAE
Founded in 2007, Reefy is Egypt's first licensed microfinance institution and one of the leading players in the Egyptian market. Operating through a wide and well-diversified network of 105 branches, Reefy is focused on untapped, low-income individuals located mostly in rural areas. As of end-June 2021, Reefy's outstanding portfolio stood at EGP 1.3 billion (ca. USD 83 million).
EBRD Finance Summary
Total Project Cost
The project will enable Reefy to increase availability of funding for women-led MSMEs through longer-term funding and targeted products. In addition, the financing will reach new clients and micro-borrowers, predominantly residing outside of Greater Cairo and Alexandria.
Environmental and Social Summary
Categorised FI (ESP 2019): Reefy demonstrated compliance with PRs 2 and 4 of EBRD's E&S Policy. The Client will be required to enhance their procedures to comply with EBRD's Environmental & Social (E&S) Risk Management Procedures for Micro, SME and Corporate Lending and submit annual reports to the Bank on their E&S performance.
Technical Cooperation and Grant Financing
Reefy will benefit from internal capacity-building and skills development to more accurately understand and serve the financial needs of women-led MSMEs. This is through a comprehensive technical assitance programme from the dedicated programme consultant, which will support project implementation.
Company Contact Information
Khaled Sadek, Investor Relations & Corporate Finance Director
+202 2129 2430
West Tower | Galleria 40 | El Sheikh Zayed | Giza | Egypt
PSD last updated
22 Sep 2021
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