FIF - Egypt WiB - Reefy Microfinance



Project number:


Business sector:

Financial institutions

Notice type:


Approval date:

21 Sep 2021



PSD disclosed:

22 Sep 2021

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

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.

Project Objectives

The EBRD loan will support Reefy's lending activities and expand access to finance for underserved women-led micro-enterprises, particularly in remote regions. 

Transition Impact

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.

Client Information


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

EGP 80,000,000.00

Total Project Cost

EGP 80,000,000.00


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

Implementation summary

PSD last updated

22 Sep 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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