EBRD is further supporting the development of small and medium-sized enterprises (SMEs) in Egypt with a $30m loan to the Arab African International Bank (AAIB).
EBRD’s SME credit line will help AAIB to further expand its SME lending and will contribute to increased access to finance for small businesses in Egypt. Although SMEs account for over 90 percent of all firms in Egypt and provide the majority of jobs, their access to finance remains limited.
EBRD President Sir Suma Chakrabarti, said, “We are very pleased to expand our SME financing in Egypt via AAIB, with whom we are partnering for the first time. Supporting private SMEs in Egypt is one of our main priorities, as they play a key role in economic growth.”
Hassan Abdalla, vice president and managing director of AAIB, commented, “While there is a consensus that supporting SMEs is a priority for Egypt’s socio-economic growth, there is also an urgent need to understand and respond to the specific requirements of this segment.”