Barclays Bank aims to increase its financing portfolio for small and medium enterprises for the current year to EGP 1.2bn over the coming months, compared to the current EGP 700m currently, according Head of Executive Management Affairs Shady Kamal.
The size of the customer financing portfolio increased to more than EGP 6bn, a rise of EGP 1bn, Kamal said, pointing to the bank’s goal of increasing its share in financing new and renewable energy projects following the announcement of a government guarantee.
According to Kamal, the bank’s strategy this year is to focus on strengthening its presence and growth within the Egyptian market, in addition to moving toward new sectors for individuals and companies.
Kamal said Barclays’ strategy is focused on growth in the Egyptian market in the short-term through several facets, the most important being geographical expansion in addition to expanding the services provided.
Kamal pointed out that Barclays has decided to open six new branches over the next two years, including two branches to be opened this year, one in 6th of October City and another in New Cairo.