Egypt’s CIB to loan Aman extra EGP 100 million for small businesses

Commercial International Bank (CIB), one of Egypt’s largest private banks, is planning to provide an extra financing worth 100 million Egyptian pounds ($5.1 million) to Aman for Microfinance to be on-lent to small business.

When received, the CIB’s total financing for Aman will reach 700 million pounds, Ahmed El-Khatib, managing director of Aman Microfinance, told Amwal Al Ghad on Wednesday.

Late 2021, Aman for Microfinance, part of Egyptian fintech firm Aman Group, obtained the Financial Regulatory Authority’s (FRA) licence to provide financing of more than 200,000 pounds for small and medium-sized businesses.