Arab Investment Bank Eyes EGP500mn SMEs Portfolio by 2014-End

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Arab Investment Bank (AIB) is aiming boosting the finance of Small and Medium sized projects from EGP300 million to EGP500 million this year, Hani Seif El-Nasr Chairman Said.

In statements to Amwal Al Ghad, Nasr added that the bank obtained EGP400 million from the Central Bank of Egypt (CBE) ‘s real estate initiative, noting that the bank eyes 20% growth in all the banks’ sectors by the end of 2014.

AIB attained EGP89 million profits before taxes in 2013.

The bank’s Extraordinary General Assembly approved to increase its issued capital to EGP1 billion against EGP500 million capital.