Barclays Egypt’s SMEs Finance Hit EGP390mn at June-End

Board member and President of the Financial Sector at Barclays bank Egypt Mohammed Sharif said the unaudited indicators explain that SMEs finance portfolio closed at EGP390 million at last June in compared to EGP350 million at May-end.

The bank attached great importance for SMEs projects across Africa generally and Egypt specifically and this pushes the bank to establish new administration for this vital sector since 2013.

Strategy & Planning, Marketing & Corporate Affairs Director at Barclays Egypt Sherif El Behery stated previously to Amwal Al Ghad that the bank eyes boosting the portfolio to EGP700 million by the end of 2014.

The bank established the administration in the last September and it seeks to make its finance up to 20% from the total value of credit portfolio within 3 years.

Barclays is currently continuing to deal with the major firms to finance and boost its customers’ SMEs portfolio, stressing that the sector is the real leader for Egyptian economic growth during the upcoming period, El Behery added.

Moreover, the bank expects that the profits will hit EGP260 million within the first half of the ongoing year.