IFC Partners with Suez Canal Bank to Strengthen Egypt’s Financial Sector for SME Growth

Casablanca, Morocco, November 4, 2025 – IFC today announced a financing package for Suez Canal Bank (SCB) to support the bank’s increased lending to micro, small, and medium-sized enterprises (MSMEs) in Egypt. The partnership will help create thousands of jobs, boost economic growth, and reduce the gender financing gap.

IFC’s $50 million loan to SCB will be earmarked to increase access to finance for MSMEs, largely in underserved and vulnerable regions of Egypt. A quarter of the loan is earmarked specifically for women-owned businesses, which make up 20 percent of Egypt’s MSME market, yet experience a significant financing gap. This initiative is supported by a $1.53 million investment from the blended finance facility under the Prospects Partnership (PROSPECTS), a program spearheaded by the Government of the Netherlands.

While MSMEs are essential drivers of employment and inclusive growth in Egypt, contributing to more than a third of the country's GDP and employing almost 40 percent of the workforce, they face substantial funding constraints, which limit their growth potential and hinder their full economic contributions.

IFC will also support the bank in developing and implementing an environmental and social management system (ESMS) that meets international E&S standards.

The agreement was formalized on the sidelines of the Africa Financial Summit (AFIS), co-hosted by IFC, Jeune Afrique, and the Kingdom of Morocco. The summit brought together policymakers, investors, and regulators to discuss how African savings can stay on the continent and fund growth in local currency. 

“This agreement represents a significant step in the bank’s journey toward green transformation,” said Akef El Maghraby, Suez Canal Bank Egypt’s CEO and Managing Director. “Adherence to modern environmental standards is no longer optional, but a pressing necessity for all institutions operating in the Egyptian and regional markets.”

"By partnering with Suez Canal Bank, IFC is expanding lending to MSMEs, supporting thousands of Egyptian entrepreneurs grow their businesses” said Ethiopis Tafara, IFC’s Vice President for Africa. “MSMEs not only support job creation but actively contribute to a more resilient and prosperous economic future.”

The investment aligns with the World Bank Group’s Country Partnership Framework (CPF) for Egypt for FY23-27, which seeks to support more and better private sector jobs, expand access to finance for MSMEs, and advance economic opportunity for women.

Since beginning operations in Egypt in 1976, IFC has invested and mobilized over $10 billion in development projects in Egypt and currently maintains an investment portfolio of about $2.5 billion and an advisory portfolio of over $22 million.  While focusing on climate, gender and job creating themes, IFC's private sector support in Egypt focuses on fintech, finance, manufacturing, logistics, ports, renewable energy, tourism, healthcare, and other sectors.