Bank Audi seeks Egypt SMEs financing sixfold higher in 4 years

Egypt’s eighth largest commercial bank, Bank Audi S.A.E. seeks to raise its finances for small and medium-sized businesses to 6 billion Egyptian pounds ($342.6 million) within four years, its deputy chief said Thursday.

Bank Audi Egypt’s portfolio of SME financing currently stands at one billion pounds, Mohamed Abbas Fayed told Amwal Al Ghad.

“We have an ambitious plan to support SME projects in accordance with the central bank of Egypt’s initiative,” Fayed added.

He further said Bank Audi Egypt seeks to boost credit facilities with the Egyptian Social Fund for Development (SFD) in a bid to reach a larger number of customers.

“The bank is also keen to cooperate with international financial institutions such as the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) to agree on a special programme for SMEs.” Fayed said.

Earlier, Audi Bank-Egypt signed a $30 million financing agreement with the European Bank for Reconstruction and Development (EBRD) to bolster economic development through the provision of funding for small and medium enterprises (SMEs).