Emirates NBD Egypt braces for greater SME financing scheme in September
Published 2016-08-23 14:28:51| Ahmed Ali & Mohamed Hamdy
Emirates NBD is bracing for a new strategy dedicated to expand its support for small and medium-sized enterprises in Egypt. The Egyptian arm of the UAE lender has established a new division for the SMEs to outline the projects to finance as well as risks haunting this sector, its deputy managing director Sahar El Damati told Amwal Al Ghad on Tuesday. El Damati said Emirates NBD Egypt would strongly expand into financing projects related to micro, small, and medium-sized segments next September. Earlier this month, Hesham Abdulla Al Qassim, Vice Chairman of Emirates NBD, said in a televised interview that his bank had boosted its credit portfolio for small and medium-sized businesses in Egypt to 25 percent in response to President Sisi’s SME initiative.
- Capital Group Properties signs 5 MOUs Alburouj project
- Egypt's Pact finish up its plan to promote 125 units in WhiteBay
- SFD Egypt says financed 9,295 small projects in six months
- Hong Kong residential sales by 8% month on month in July
- Kuwait’s Al Kharafi affiliate to deliver 77 km-road in Egypt within a year
- Emirates NBD Egypt braces for greater SME financing scheme in September
- Egypt to offer 100 feddans in public land tender in Red Sea governorate
- UK residential sales slightly drop by 0.9% after Brexit vote
- Kuwait’s Gulf Insurance Group mulls increasing stake in Egypt affiliates
- Nasser Social Bank plans capital increase this year
Egypt’s Social Fund for Development (SFD) says it had pumped 994.3 million Egyptian pounds ($112 million) to finance around 9,295 small projects throughout the first half of the year. Those projects have provided around 26,135 job opportunities, said SFD’s secretary-general Soha Soliman on Wednesday. Out of 994.3 million pounds, there were 717.3 million pounds SFD secured from financial institutions, in favour of 6,316 projects, which in turn contributed to the creation of around 18,461 jobs. Since inception in 1992 with a mandate to reduce poverty, the Egyptian Social Fund for Development has pumped more than 20 billion pounds to support national economy.
The real estate development firm, Capital Group Properties (CGP) signed five memorandum of understanding (MOU) with local and international institutions among its integrated residential community project dubbed as Alburouj, its CEO Walid El Hindi said Wednesday. The local and international institutions that have signed the agreement include Smart Villages Development and Managment Company (Svc), Smart Village, The International Schools of Choueifat, El Sawy Culture Wheel, AL BUSTAN for Food Industries and Redcon Medical Park.
The Market Quotes Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.