EGBANK has signed a loan agreement with the European Investment Bank (EIB) to receive a $20m loan to finance small and medium enterprises (SMEs), the lender said in a press release. “The entire loan will be dedicated to SMEs,” the bank confirmed. “EGBANK’s strategy is aligned with the direction of the Egyptian government’s vision 2030 and the Central Bank of Egypt’s (CBE) initiative to support SMEs,” it added. The loan is expected to support Egypt’s SMEs initiative, launched by President Abdel Fattah Al-Sisi in 2016, to provide EGP 200bn in loans to small and medium-sized companies. The bank witnessed a 44% increase in profits, reaching EGP 401.5m, in addition to doubling customer deposits, demonstrating 97% growth rates, reaching EGP 40.65bn.

Source: Daily News Egypt May 22, 2017 14:37 UTC