AfDB Supports Egyptian SMEs With 22m Loan

• AfDB Supports Egyptian SMEs With 22m Loan

The African Development Bank (AfDB) announced it has approved the total sum of $22 million loan to help support Small and Medium Enterprises (SMEs) across agribusiness and food industries, tourism, information communication technology (ICT), clean energy, health, transport and manufacturing sectors in Egypt.

The loan secured by Egypt’s Corporate Leasing Company (Corplease) will help expand the company operations in the country and enhance economic growth.

Stefan Nalletamby, the acting Vice-President, Private Sector, AfDB, said: “The need for leasing products in Egypt is growing consistently on an annual basis to meet the acute demand by small, medium and large-sized corporates for alternative source of funding from traditional banking sources, for business expansion and job creation. With the annual demand growth expected from the local corporates, the market for leasing in Egypt shows immense potential for investors.”

Commenting on the loan, Malinne Blomberg, the country manager, African Development Bank, explained that the intervention is in line with the bank’s priority of feeding Africa, Industralising the continent and improving the quality of life of African people.