Ahli United Bank Egypt secures $82 million EBRD, EU, GCF fund
Ahli United Bank – Egypt (AUBE), part of Bahraini Ahli United Bank Group, received on Thursday a $82 million financing package from the European Bank for Reconstruction and Development (EBRD), the European Union, and the Green Climate Fund (GCF).
The financing package is part of AUBE’s expansion strategy in the Egyptian market; which will boost its funding activities, support the growth of GDP and further provide the required financing for the small and medium-sized enterprises (SMEs) as well.
The package consists of a $30 million credit line for lending to the SMEs in Egypt, a $10 million value chain loan under the EU-Funded Trade and Competitiveness Programme. This is in addition to a $12 million green value chain loan supported by the GCF and the EU, and a US$ 30 million trade facility under the EBRD Trade Facilitation Programme (TFP).
“We are pleased to collaborate with EBRD and GCF in support of the key business sectors that are vitally important in the domestic market, which is consistent with the bank’s strategy and the national economic development plan”, said Hala Sadek, chief executive and board member at the AUBE.
“AUBE aims to enhance SMEs access to credit lines, taking into account their evolving role in promoting the Egyptian economy and creating job opportunities even with relatively small investments. Additionally, AUBE plans to extend its support to the SMEs located in remote areas outside Greater Cairo and Alexandria,” Sadek added.
She also pointed out that the financing package is set to support SMEs operating in diverse industries especially agribusiness, manufacturing and services, logistics, as well as information and communication technologies, taking cognizance of the competitiveness of these sectors.
The programme will enable small businesses to invest in advanced technologies and solutions which result into climate change migration and adaptation, she added.