This project was approved as part of the Bank's response to the COVID-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to COVID-19, and this deviation, can be found on our website.
The provision of a senior unsecured loan to Banque Misr ("BM") for US$ 100 million, under the Bank's Resilience Framework ("RF") developed to address the impact of the COVID-19 pandemic on regional economies. The proceeds of the proposed loan will be on-lent to local private small and medium-sized enterprises ("SMEs"), and to corporates, supporting them in bridging liquidity needs that may arise as a result of the pandemic.
The financing will help BM in providing funding to local SMEs and corporates experiencing either a decrease in their activity, turnover, and/or profitability, in turn leading to payment delays and potential defaults, or growing capacity needs arising from a significant fluctuation in demand in particular sectors.
ETI score: 70
The transition impact of the project will stem from its contribution to the continued functioning of the Egyptian economy by helping private SMEs and corporates address challenges resulting from the current crisis. The project will also help BM maintain its competitiveness in the market.
BANQUE MISR SAE
Banque Misr was established in 1920 and is the second-largest bank in Egypt with total assets of EUR 54.1 billion (December 2019) and market shares of up to 19 per cent in terms of assets, loans and deposits.
EBRD Finance Summary
US$ 100 million.
Total Project Cost
Up to US$ 100 million, to be provided in US dollars.
COVID-19 crisis response allowing BM to respond to liquidity needs of SMEs and corporate experiencing slowdown and payment delays, or increased capacity needs following a massive fluctuation in demand.
Environmental and Social Summary
Categorised FI (2019 ESP). Banque Misr is an existing client and will be required to continue to comply with PRs 2, 4 & 9, apply the EBRD's E&S Procedures for Corporate and SME Loans and submit annual environmental and social reports to the Bank.
Technical Cooperation and Grant Financing
Company Contact Information
Hany Helmy, Senior Deputy General Manager
+20 (2) 2397 8464
+20 (2) 2393 1779
151 Mohamed Farid St. Downtown, Cairo
PSD last updated
25 Aug 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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More information on the EBRD’s practices in this regard is set out in the ESP.
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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.
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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 firstname.lastname@example.org to get guidance and more information on IPAM and how to submit a request.