Audi Bank-Egypt EBRD signs $ 30 loan agreement to support SMEs in Egypt

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Audi Bank-Egypt has signed a $ 30 million financing agreement with the European Bank for Reconstruction and Development (EBRD).

ERBD will use the loan to continue its strategy in Egypt, which aims to support economic development by providing finance to small and medium-sized enterprises (SMEs).

Audi Bank-Egypt has given increasing priority to financing the SME sector. To this end, the bank has launched an integrated funding model that allows it to provide comprehensive advice and services throughout the funding process.

Audi Bank-Egypt’s focus on the SME sector aligns with the comprehensive initiative launched by the Central Bank of Egypt (CBE) to finance SMEs.

Bank Audi-Egypt President and CEO Hatem Sadek stressed that SMEs are one of the main pillars through which employment opportunities are created for the youth population. He added that SMEs can better reduce unemployment, improve income level, while contributing to gross domestic product (GDP).

Abbas Mohamed Fayed, vice president and general manager of Bank Audi-Egypt, explained that the CBE’s decision to define a uniform definition of SMEs, design a low-interest financing program and develop a mechanism for credit risk mitigation will ease the financial burden on SMEs in the years to come




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