Egypt’s Banque Misr and the World Bank Group’s International Finance Corporation (IFC) recently agreed to collaborate on an effort to expand small and medium-sized enterprises (SMEs) led by Egyptian women. The two organizations will conduct market research and devise business models for female entrepreneurs in an effort to help them access funding.
The project is part of IFC’s Women Banking Champions Program in MENA, which is partially funded by Switzerland’s State Secretariat for Economic Affairs (SECO). Since the start of the Champions program in 2011, it has supported the launch of 40 women-oriented banking projects in 27 countries.
Banque Misr, which was established in 1920, operates approximately 620 branches in Egypt. It has total assets of EGP 787 billion (USD 44 billion), customer deposits of EGP 533 billion (USD 30 billion) and a gross loan portfolio of GYP 187 billion (USD 10 billion).
IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2017, IFC reports total assets of USD 92.3 billion, and it has 184 member countries.
The World Bank Group is a multilateral organization whose goal is “to end extreme poverty and promote shared prosperity in a sustainable way.” As of 2018, it has 189 member nations. The group encompasses the following: (1) the International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank; (2) the International Centre for Settlement of Investment Disputes; (3) IFC; and (4) the Multilateral Investment Guarantee Agency. During the 12 months ending June 2017, the World Bank Group disbursed total funding of USD 44 billion.
By Michelle Fleming, Research Associate
Sources and Additional Resources
IFC press release: IFC and Banque Misr Sign Egypt’s First Women Banking Agreement to Support Female Entrepreneurs
https://ifcextapps.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/3B5C7F5E35D9BD71852583120039F2BB’
Banque Misr Homepage
http://www.banquemisr.com/en
MICROCAPITAL BRIEF: IFC, Egypt’s Ministry of Investment Connecting African Entrepreneurs, Start-ups with Growth Partners
https://www.microcapital.org/microcapital-brief-ifc-egypts-ministry-of-investment-connecting-african-entrepreneurs-start-ups-with-growth-partners/
IFC homepage
https://www.ifc.org
World Bank homepage
https://www.worldbank.org
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