Egypt’s AAIB receives $10m to finance small projects

Egypt’s Arab African International Bank (AAIB) has signed on Sunday an agreement to receive 200 million Egyptian pounds ($10.4 million) from the Egyptian Micro, Small, and Medium Enterprise Development Agency (MSMEDA) to provide the necessary financing for small projects with loans of up to five million.

The agreement will allow an easy payment system up to 60 months that will determine according to the project’s type and duration of its capital turnover and cash flows.

The cooperation comes within the framework of the AAIB’s strategy to support the growth of small and medium-sized enterprises (SMEs) and achieve the principle of financial inclusion and informal sector integration into the formal sector.

Moreover, the agreement contributes the achievement of SFD’s objectives to develop a national programme for the development of enterprises, create the necessary climate to encourage them and encourage citizens to enter the labour market.

This comes in line with the state’s policy and the directions of the Central Bank of Egypt (CBE) to achieve development for various sectors of society.

The bank’s funding programmes provide financing for the purchase of machinery and equipment for projects and working capital financing, which includes financing of purchases and all operating expenses, AAIB’s CEO Sherif Elwy, mentioned.