HSBC Egypt launches US$39 mln Fund for SMEs

HSBC Egypt launched on Sunday a LE300 million (US$ 39.3million) credit plan for Small and Medium Enterprises with cross border-trading requirements, the bank announced in a press release.

“The International Growth Fund is aimed at supporting those businesses in Egypt who have international requirements and those that aspire to trade internationally,” Jacques-Emmanuel Blanchet, Deputy Chairman and Chief Executive Officer, HSBC Bank Egypt said.

The international growth fund began in 2014 with LE300 million which was announced successful in the statement.

Bank communication officers were not immediately available to specify any details for the credit arrangements or the targeted enterprises.

Most of Egypt’s businesses are small-sized, with 97 percent employing less than 10 workers, according to state-run statistics body CAPMAS.

Medium-sized enterprises with 10 to 50 employees account for around 2.7 percent of total businesses. However, big businesses with over 50 employees account for 0.4 percent of all enterprises nationwide.

Source : arabfinance