The European Bank for Reconstruction and Development (EBRD) has extended an EGP 700mn (€13.2mn) loan to Egyptian microfinance utility Tasaheel For Financing to support women-led micro, small, and medium-sized enterprises (MSMEs) in the North African country. 

The funds will empower women entrepreneurs who have little or no access to finance in regions outside Cairo and Alexandria, promoting gender inclusion, according to a statement on Tuesday (June 25).

The EBRD said it would provide Tasaheel with technical assistance through tailored new financial products that meet the needs of women-led businesses for specialized lending and monitoring. The tailored services also aim to provide necessary business consultancy to strengthen operational capabilities.

Established in 2015, Tasaheel is a subsidiary of MNT Halan, which has operations across 25 governorates serving 2.2mn customers. The company commands a significant market share of approximately 26% in the microfinance sector.

Earlier in June, EBRD country director Khaled Hamza said the bank has extended around €13.2bn ($14.3bn) to support development projects in Egypt since 2012, with an average of €1.1bn to €1.2bn annually.

The support has covered Egyptian sectors including finance, agribusiness, manufacturing, services, infrastructure, and municipal services. Nearly 81% of these investments were injected into the private sector.