QNB’s SME funding in Egypt hit 17.2 bln pounds

Qatar National Bank’s financing for small and medium-sized businesses in Egypt is currently worth around 17.2 billion Egyptian pounds ($974.8 million), QNB AlAhli’s chairman Mohamed El Deeb said Monday.

QNB AlAhli, the Egyptian unit of the Qatari lender, has provided finances for around 3,500 SMEs in Egypt, El Deeb told a conference in Cairo.

SMEs, crucial drivers of economic activity in Egypt, seize 20 percent of QNB AlAhli’s total funding in the North African country, the banking official added.

Microfinancing has reached 400 million pounds approximately whereby beneficiaries include micro enterprises and associations, El Deeb said.