Suez Canal Bank to offer EGP900 mln for SMEs

Egypt’s state-owned Suez Canal Bank is planning to pump loans of 900 million Egyptian pounds during the upcoming period.

The bank’s Chairperson Hussein El-Refaie said  on the side lines of The 23rd Euromoney Egypt Conference that has started in Cairo today.

He added that the funds will be distributed to 400 million Egyptian million pounds for small and medium enterprises and 500 million pounds syndicated loans for number of vital sectors.

He further noted that the SMEs portfolio has recorded 400 million Egyptian pounds, adding that the bank is seeking to  increase the funds to 800 million pounds by the ends of 2018.

El-Refaie added that the bank has increased its syndicated loans portfolio from 2 billion Egyptian pounds by the end of 2017 to 4.5 billion pounds by the end of June 2018.

 

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