Egypt: aiBANK announces campaign to finance SMEs

With financing facilities reaching 10 million pounds

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  • This campaign is aligned with the Egyptian Government, and Central Bank of Egypt’s directives focused on supporting small and medium-sized businesses. The campaign also builds on the Bank’s strategy and expansion plan aimed at introducing innovative solutions that aid the sustainable development of this promising sector.

Cairo: Arab Investment Bank, also known as aiBANK, a leading commercial bank specializing in providing a variety of banking services to individuals and businesses, as well as the financing of significant development projects, announced today the launch of a campaign titled “Financing That Moves You 100 Strides Forward” to raise awareness for its latest financing product. The Bank’s new product aims to provide SMEs with financing facilities of up to EGP 10 million, with repayment periods of up to 5 years, while promptly receiving the necessary approvals in just four days.

This campaign is in line with the Egyptian Government and the Central Bank of Egypt’s directives focused on supporting SMEs and builds on the Bank’s strategy and expansion plan to introduce innovative financial solutions that aid the sustainable development of this promising sector. This campaign also aims to raise awareness of the competitive advantages offered by the Bank through this product, which aims to bridge the financing gap and attract small businesses as new customers. By financing these small businesses, the bank will support job creation and drive economic growth, allowing it to deliver on its goals of providing sustainable financing solutions.

In this regard, Iman Badr, Senior Director of Consumer and Business Banking at aiBANK, said, “I am proud to introduce this new product aimed at supporting small businesses, for this sector represents one of the most promising spaces the Bank’s activities are focused on. We have established a specialized ‘Business Banking’ department solely focused on providing banking services to small businesses whose annual sales range between one million and fifty million Egyptian pounds.”

Sherif Nada, Director of Retail, Branches Network, and Business Banking at aiBANK, also added, “It is worthy to note that product development is part and parcel of the Bank’s strategy as it continues to launch new financing programs to stay in line with the trends and developments in the Egyptian banking sector addressing the needs of multiple target business segments. This will include financing working capital requirements, capital expansions, and purchasing machinery and equipment. The Bank will also provide a variety of financial and non-financial new products aimed at supporting the sustainable growth of these businesses.”

Sherif El-Leithy, Head of Business Banking at aiBANK, commented, “The Bank has succeeded in accelerating the pace of loans and credit facilities provided to customers in this vital sector. With the percentage of facilities granted to small businesses growing to 9.1% in September 2022, which is in line with the central bank’s directives that dictate that all banks must dedicate a minimum of 10% of their net loan portfolios towards financing small businesses, based on the bank’s financial position as of December 2020.

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