Al Baraka Bank Egypt plans EGP750 million SME Lending in 2015

Al Baraka Bank Egypt plans to pump EGP 750 million to fund the country’s SME sector within 2015, CEO told Amwal Al Ghad in a recent interview.

In this respect, Ashraf El Ghamrawy – CEO of Al Baraka Bank Egypt – said his bank registered a growth in its SME lending portfolio to EGP 1.03 billion throughout 2014.

Al Baraka Bank of Egypt has recently signed an EGP 200 million contract with the Social Fund for Development (SFD) to serve small and medium enterprises (SMEs) in cooperation the with World Bank Group, using Musharaka – the Islamic mode of finance.