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Egypt: Reefy Microfinance Raises $6.5 M to Expand MSME Loan Portfolio
Source: Ecofin Agency
Reefy Microfinance Enterprise Services, the microfinance subsidiary of CI Capital, recently signed an EGP200 million ($6.5 million) loan agreement with the European Bank for Development and Reconstruction (EBRD), according to local media outlets.
The loan is granted under the Egypt Youth in Business (YiB) program and aims to finance loans to youth-owned and youth-led private micro, small and medium-sized enterprises (MSMEs) in Egypt, particularly in remote areas. It will enable Reefy to adopt new lending practices and business models while expanding its loan portfolio in this underserved business segment.
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