Cairo – Mubasher: Banque Misr signed a loan agreement worth EUR 425 million with the European Investment Bank (EIB).

The funding is the first tranche of a EUR 750 million loan to be on-lent to small- and medium-sized enterprises (SMEs), the bank said in a statement on Tuesday.

The six-year loan will help SMEs navigate the repercussions of coronavirus (COVID-19) pandemic.

The second tranche agreement is expected to be signed by the beginning of 2022.