IFC today announced a financing package for Suez Canal Bank (SCB) to support the bank’s increased lending to micro, small, and medium-sized enterprises (MSMEs) in Egypt. The partnership will help create thousands of jobs, boost economic growth, and reduce the gender financing gap.

IFC’s $50 million loan to SCB will be earmarked to increase access to finance for MSMEs, largely in underserved and vulnerable regions of Egypt. A quarter of the loan is earmarked specifically for women-owned businesses, which make up 20 percent of Egypt’s MSME market, yet experience a significant financing gap.

While MSMEs are essential drivers of employment and inclusive growth in Egypt, contributing to more than a third of the country’s GDP and employing almost 40 percent of the workforce, they face substantial funding constraints, which limit their growth potential and hinder their full economic contributions.

IFC will also support the bank in developing and implementing an environmental and social management system (ESMS) that meets international E&S standards.

The agreement was formalized on the sidelines of the Africa Financial Summit (AFIS).

The signing ceremony was attended by Mr. Akef El Maghraby – CEO and Managing Director of Suez Canal Bank, Mr. Shehab Zidan – Deputy Managing Director, and Mr. Mahmoud Shehab El Din – Head of Financial Institutions, along with a delegation from the IFC.

“This agreement represents a significant step in the bank’s journey toward green transformation,” said Akef El Maghraby, Suez Canal Bank Egypt’s CEO and Managing Director. “Adherence to modern environmental standards is no longer optional, but a pressing necessity for all institutions operating in the Egyptian and regional markets.”