EBRD provides a loan to Tanmeyah up to $5.0 mn to develop its agribusiness lending

European Bank for Reconstruction and Development provides a senior unsecured loan to Tanmeyah Micro Enterprise Services ("Tanmeyah") under the Financial Intermediaries Framework ("FIF") of up to USD 5.0m (EUR 4.6m) equivalent in EGP. Envisaged tenor for the facility is 3 years including a 1 year grace period for principal repayment.

The loan will comprise a first committed tranche of up to USD 2.5 million (EUR 2.3 million) and a second uncommitted tranche of up to USD 2.5 million (EUR 2.3 million) equivalent in EGP.

This facility will enable Tanmeyah to develop its agribusiness lending practice by providing (i) funding for on-lending to private MSMEs operating across the agriculture sector in a gender-responsive manner; and (ii) grant incentives to the benefit of sub-borrowers for GET-eligible projects. The facility will be accompanied by a comprehensive technical cooperation ("TC") package.

In addition, The project supports the Competitive and Green TI qualities by facilitating: (i) an expansion of Tanmeyah's agribusiness MSME lending, while supporting its understanding of the funding barriers for local borrowers and coming up with solutions to address them; and (ii) channelling at least 70% of the loan amount to GET-eligible investments, while building-up Tanmeyah's capabilities in the field of sustainable agribusiness lending and practices.