UAE-based bank Emirates NBD has boosted its credit portfolio for small and medium-sized businesses in Egypt to 25 percent in response to President Sisi’s SME initiative, its vice chairman says.
Earlier Egyptian President Abdel Fattah al-Sisi has mandated in January the central bank to launch a programme calling banks to increase the percentage of loans offered to SMEs to the 20 percent mark.
Hesham Abdulla Al Qassim, Vice Chairman of Emirates NBD, further said in an interview with Egyptian state-run Channel One TV that in major developing countries, small, micro, and medium-sized projects form the backbone of any strong economy.
Hence, Al Qassim stated that he supports Sisi’s decree to give more support for SMEs industry, saying “it is a correct and wise decision that demonstrates a promising outlook for the Egyptian economy…”
Emirates NBD is interested in more than 20 industrial sectors in Egypt, that is why the bank has decided to boost its presence in the country to have 65 branches nationwide, the UAE official added.