HSBC launches Foras Trade Fund to support Egypt SMEs
HSBC has launched on Tuesday a Foras Trade Fund worth 3 billion Egyptian pounds ($191 million) to support small and medium-sized enterprises (SMEs) across Egypt.
This is part of the bank’s commitment to explore opportunities overseas and drive international growth through trade and expansion into new markets.
The Fund is open to new and existing customers with cross border trading requirements or those that aspire to grow especially in the industrial and service sectors, HSBC Egypt said in a statement.
“The fund is designed to help strong Egypt businesses with bold visions to enter new trade markets, re-engineer their supply chains, innovate – and to play an active part in supporting the ongoing growth, modernisation and diversification of the country’s economy.” Todd Wilcox, HSBC Egypt Deputy chairman and chief executive, said.
“SMEs are a vital engine of growth for any economy and we are delighted to launch the HSBC Foras Trade Fund to support them.”
According to HSBC’s Navigator 2021 report, it is expected that business leaders would see double-digit revenue growth next year, offsetting damage from short-term supply chain disruption by pushing into new markets to reach more customers.
Almost three quarters of businesses in Egypt – 74 percent – increased the number of suppliers they are working with for greater diversification, HSBC report showed. In addition, they are more likely than their international peers to consider expansion into new markets, with almost one third – 33 percent – noting this as a priority.
“Egypt has always been at the centre of global trade, and in light of the country’s ongoing transformation programme, SMEs need to be ready to capture the opportunities that it brings.” added Wilcox.
“Trade finance is our key strength and our global network puts us in a unique position to support the country’s internationally-minded companies with their growth plans,”
HSBC Foras Trade Fund is set to enable customers to grow their businesses internationally by achieving working capital efficiencies and managing their trading risk through a complete suite of trade solutions, that ranges from import/ export, guarantee and standby letter of credit to receivable finance.
