Al Baraka Bank likely to borrow $55mln from IFC to support local women-owned MSMEs

0
134
Al Baraka Bank likely to borrow $55mln from IFC to support local women-owned MSMEs
Al Baraka Bank likely to borrow $55mln from IFC to support local women-owned MSMEs

To be renewed twice for a total term of 36 months, the loan will be divided into a one-year Working Capital Structure (WCS) for up to $50 million, which is in addition to a trade finance facility of up to $5 million to Al Baraka Bank Egypt

To support local and women-owned micro, small, and medium-sized enterprises (MSMEs), Al Baraka Bank is considering a loan worth $55 from the International Finance Corporation (IFC), the latter announced.

To be renewed twice for a total term of 36 months, the loan will be divided into a one-year Working Capital Structure (WCS) for up to $50 million, which is in addition to a trade finance facility of up to $5 million to Al Baraka Bank Egypt.

As the matter is still being studied by both sides, no final agreement has been reached yet.

Al Baraka Bank, established in 1980, offers retail, corporate, treasury, and investment banking services that are applied in accordance with the principles of the Islamic Sharia. It contributes to the financing of small and medium enterprises (SMEs).

Also readThe Transformative Power of Machine Learning on OTT Platforms

Do FollowCIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

About us:

CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics