Al Baraka Egypt Bank braces for new SME financing product in December

Al Baraka Bank Egypt, part of Bahraini Al Baraka Banking Group, says it will be launching this December a new product geared to finance small and medium-sized businesses in the country.

As part of the Egyptian central bank’s initiative to advocate SMEs, Al Baraka Bank Egypt’s anticipated product will be at 5 percent interest rate, the bank’s chief executive Ashraf El-Ghamrawy said on Thursday.

Al Baraka Egypt has established a new division for the SMEs, which will become operational be early 2017, El-Ghamrawy said.

SMEs are the catalyst for development, to overcome several crises, notably the unemployment, the banking official concluded.