Cairo, Egypt, February 24, 2025 – IFC and Attijariwafa bank Egypt (AWB Egypt) announced a partnership to bolster the Bank’s capital position and help it deliver on its strategy to support small and medium-sized enterprises (SMEs) and the growth of climate finance in Egypt. This infusion of capital will directly enhance AWB Egypt's capacity to expand its lending activities.
IFC's $20 million Tier 2 qualifying subordinated debt will boost AWB Egypt's capital base, increasing its capacity to finance the growth of SMEs, with a focus on women-owned enterprises. A stronger capital base provides AWB Egypt with greater financial flexibility and allows it to pursue strategic initiatives with increased confidence. IFC’s funding and technical assistance will also allow AWB Egypt to grow its climate finance portfolio, particularly energy efficiency and renewable energy projects, in alignment with Egypt’s Climate Change Strategy (NCCS) and Attijariwafa bank group’s ambitious sustainability roadmap. This capital enhancement is crucial for supporting these strategic growth areas.
Egypt’s 6.4 million enterprises make it the largest micro and SME market in the Middle East and North Africa. Despite contributing over one-third of the country’s GDP and employing most of the private sector workforce, Egypt’s SMEs face substantial funding constraints that limit their growth and hinder their full economic contribution.
"This partnership with IFC is a strategic step in strengthening Attijariwafa bank Egypt's capital base, allowing us to expand our business and enhance our ability to support key growth sectors. The increased capital will enable us to undertake larger and more impactful financing projects. With this investment, the bank will accelerate financing for SMEs and green projects, reinforcing our role in driving sustainable economic development," said Mouawia Essekelli, Managing Director of Attijariwafa bank Egypt.
“A robust and diversified financial sector is crucial for driving inclusive and sustainable economic growth,” said Aliou Maiga, IFC's Financial Institutions Group (FIG) Director for Africa. “By enhancing AWB Egypt's capital base, IFC is supporting financing for SMEs and fostering Egypt’s climate finance market, contributing to a stronger, greener future for the country.”
The project aligns with the World Bank Group’s Country Partnership Framework (CPF) for Egypt, which seeks to support more and better private sector jobs and improve resilience to shocks. It also aligns with
the bank Group’s gender strategy, which focuses on closing the gender gap in developing economies.
Since beginning its operations in Egypt in 1975, IFC has invested and mobilized $9 billion in development projects and has an advisory portfolio of $22 million. IFC's private sector support in Egypt focuses on fintech, climate finance, manufacturing, infrastructure, renewable energy, healthcare, gender, and other sectors.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
Stay Connected with IFC on social media.
About Attijariwafa bank Egypt
On May 3rd, 2017, Barclays Bank PLC has transferred its entire shareholding in Barclays Bank Egypt S.A.E. to Attijariwafa bank group. On November 3rd, 2017, the bank has been registered as Attijariwafa bank Egypt S.A.E. and is currently operating under the new trademark and logo.
Attijariwafa bank is a key player on the African continent. In addition to its banking activities, the Group operates through subsidiaries specializing in various financial businesses such as insurance, mortgages, consumer credit, leasing, asset management, stock market intermediation, private banking, consulting, long-term leasing, factoring, etc.
Attijariwafa bank group employs 20,782 staff members and manages a portfolio of more than 12 million customers through 7,223 branches.
Headquartered in Morocco, Attijariwafa bank operates in 27 countries through majority-owned banking subsidiaries: In Africa: Benin, Burkina Faso, Cameroon, Chad, Côte d'Ivoire, Egypt, Gabon, Mali, Mauritania, Niger, Congo, Senegal, Togo and Tunisia; In Europe: Belgium, France, Germany, Italy and Spain; It is also present through financial companies or representative offices in Abu Dhabi, Dubai, Geneva, London, Montreal, Beijing, Qatar and Riyadh.
The bank operates through a network of 64 branches and 110 ATMs covering key cities in Egypt. Its highly professional and skilled employees proudly serve a large enterprise client base including leading international, regional and domestic companies as well as a strong base of more than 169,120 retail banking customers across the country.
For more information, please visit www.attijariwafabank.com.eg
Contacts
Stay Informed
Sign up to have customizable news & updates sent to you.