SMEs ‘Magic Wand’ for Egypt’s Economic Growth – AlexBank

The small and micro-sized enterprises (SMEs) are the magic wand to fix Egypt’s ailing economy, said head of SME Division at AlexBank Khaled Hamouda.

In this respect, Hamouda stated that AlexBank – a member of Intesa Sanpaolo Group – is working in cooperation with the Confederation of European Egyptian Business Associations (CEEBA) so as to provide all the financing packages needed to serve the SMEs in Egypt.

In light of the Italian-Egyptian business council meetings as part of President Abdel Fattah Al-Sisi’s visit to Italy,

AlexBank has recently signed in Rome a Memorandum of Understanding (MOU) on Industrial Cooperation and Promotion to promote the SME sector in Egypt.

The MOU was signed between each of Maurizio Barracco- Vice Chairman Acting as Chairman of the Board of Directors of AlexBank; the Italian Minister of Industry and Trade; Egyptian Minister of Investment, Ashraf Salman and Egyptian Minister of Trade and Industry, Mounir Fakhry.

“We believe that the SMEs will become the growth locomotive.” Roberto Vercelli, CEO of AlexBank said in a recent statement following signing the MoU.