CAIRO, July 12 (Xinhua) — The European Bank for Reconstruction and Development (EBRD) approved a soft financing worth around 533 million U.S. dollars to two Egyptian state-owned banks and an equity fund, said the Egyptian Ministry of International Cooperation on Wednesday.

The EBRD’s board of directors approved 400 million U.S. dollars for the National Bank of Egypt, 100 million U.S. dollars for Banque Misr, and 30 million euros (about 33 million U.S. dollars) for Mediterrania Capital Fund, according to the ministry’s statement.

Egypt’s Minister of International Cooperation Rania Al-Mashat valued “the partnerships between the EBRD and the private sector in Egypt” to support the country’s development priorities.

She added that cooperation between Egypt and the EBRD helps enhance “comprehensive and sustainable growth” in the country by boosting small and medium-sized enterprises (SMEs), combating climate change, creating job opportunities and stimulating the private sector in general.

“More than 78 percent of the EBRD’s investments in Egypt are already directed to the private sector in various fields,” Al-Mashat pointed out.

Egypt is currently working on increasing the private sector’s participation in the country’s economic growth, which has been strongly advised by the International Monetary Fund (IMF).

In December, the IMF approved a 3-billion-U.S. dollar loan to support the North African country’s economic reforms.