The Arab Investment Bank (AIBK) aims to boost its small and medium enterprise (SME) portfolio to EGP 12.3bn, equivalent to 50% of the bank’s total loan portfolio, by the end of 2018, according to chairman of the bank Hani Seif El Nasr. The number of branches is to be increased from 12 branches to 38 branches by the end of 2017. This is based on the bank’s pioneering role in driving economic development by providing all banking services and financing major projects for sectors inside and outside Egypt,” he pointed out. He explained that the total budget of the Arab Investment Bank amounted to EGP 23.9bn on 31 December 2016, compared to EGP 12.8bn on 31 December 2015—an 86% increase of EGP 11.1bn. He pointed out that the portfolio of loans and new facilities granted during 2016 only amounted to about EGP 3bn.

Source: Daily News Egypt June 11, 2017 08:14 UTC