Egypt: Best Bank for SMEs 2021
When the European Investment Bank wanted to provide SMEs based in Egypt with a nearly $500 million credit line earlier this year, it knew precisely who to call: Banque Misr.
EIB’s Covid-19-related support was aimed at financing investment projects and providing working capital to service sectors to prop up growth and employment. Naturally, it turned to Egypt’s second-largest bank because of its clear focus on SME lending and its big retail presence across all the governorates.
When the pandemic hit, Banque Misr was serving more than 123,000 key SMEs in Egypt. In 2021, the bank found itself providing financing to approximately 420,000 micro and small enterprises – significantly enhancing employment rates, poverty reduction and sustainable social development to protect economic growth.
Banque Misr’s industry-leading SME offerings are tailored to accommodate a gamut of business activities through both standardized products and specialized schemes.
With the widest network coverage, Banque Misr covers all cities and rural areas of Egypt. Its focus on financial inclusion and servicing all business segments nationwide, whether micro, small or medium-sized enterprises, puts the bank on the frontlines of Egypt’s battle against inequality.
In September 2020, Banque Misr launched a digital express loan platform.