Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) approved a $100 million loan to the Commercial International Bank (CIB) to be on-lent to the private sector.

The funding will help support local private small and medium enterprises (SMEs) and corporates amid the coronavirus (COVID-19) pandemic, minister of international cooperation Rania Al-Mashat said in a statement on Sunday.

The cooperation portfolio between EBRD and Egypt amounted to EUR 6.5 billion through the financing of 115 projects, Al-Mashat added.

It is noteworthy to mention that earlier in June, the EBRD approved a loan worth $100 million to the National Bank of Kuwait Egypt (NBK Egypt) to finance the private sector.