EBRD and Bank Audi strengthen small business in Egypt

Although SMEs represent the majority of active private enterprises in Egypt and contribute 75 per cent of total employment, access to finance remains a key concern for the sector and resolving this issue has become a top priority for the authorities, according to EBRD.

The EBRD credit line loan will help increase the availability of finance to small enterprises and will enable Bank Audi SAE Egypt to expand its SME lending activities in the country.

Philip ter Woort, EBRD Director for Egypt, said: “The EBRD considers SMEs to be the backbone of the economy and we focus on strengthening them across all our countries of operations. We are pleased to partner with Bank Audi SAE Egypt to provide more finance to smaller enterprises and to help increase job opportunities.”

Hatem A. Sadek, Chairman and Managing Director of Bank Audi SAE Egypt, commented: “Since the start of our operations in Egypt, Bank Audi SAE has been fully aware of the significance of SMEs to the Egyptian economy and society, leading us to establish a new strategic model serving this sector. Partnering with the EBRD will further enhance our growth strategy, especially in the SME segments.”