Emirates NBD Egypt braces for greater SME financing scheme in September

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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.