IFC extends loan to supporter of Egyptian SMEs
The Washington, D.C.-based International Finance Corporation has announced that it will lend $6 million to ORIX Leasing Egypt, SAE, a leasing company located in Cairo, which specializes in providing medium-term finance to small and medium sized business enterprises.
According to ORIX Leasing, the $6 million will be used to expand its lending activity, which is geared to support their growth and boost job creation.
ORIX Leasing is an unlisted joint stock company established in 1997 by the National Bank of Egypt, Commercial International Investment Company, ORIX Corporation-Japan, ORIX Leasing Pakistan, Ltd., and the International Finance Corporation.
A member of the World Bank Group, the International Finance Corporation was established in 1956, with the aim of promoting sustainable private sector investment in developing countries as a means of reducing poverty and improving people's lives. It does this by financing private sector projects located in the developing world, helping private companies in the developing world to reach international financial markets, and providing advice and technical assistance to businesses and governments. – (MENA Report)
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