(MENAFN- Daily News Egypt) The SANAD Fund for MSMEs (SANAD) announced, in a press statement on Monday, that it will finance a $10m senior loan to Egypt€™s Banque du Caire to support the expansion of the bank€™s lending operations for micro, small, and medium enterprises (MSMEs).
Banque du Caire, which is Egypt€™s sixth largest bank, with its status as a strong contributor to the national economy across all sectors, in addition to the bank€™s special focus on microfinance, combined with a broad network of over 230 branches spread across the country, puts it in a unique position to further SANAD€™s goals of economic development and job creation in the Middle East and North Africa, according to the press statement.
Earlier in 2017, Soha Soliman, then-vice chairperson of Banque du Caire, told Daily News Egypt that the bank€™s microcredit portfolio reached about EGP 1.8bn at the end of July 2017, compared to EGP 1.2bn at the end of December 2016, bringing its total MSME loan portfolio to EGP 4.3bn at the end of August 2017.
Moreover, the SANAD loan will provide the finances needed to allow Banque du Caire to pursue its target for developing and expanding its leading position in the MSME sector, in addition to increasing SANAD€™s outreach to Egyptian MSMEs and boosting job creation.
€œWe are thrilled to be joining forces with Banque du Caire in its efforts to provide financing to the still-underserved €˜missing middle€™ in the Egyptian economy. MSME development is essential to economic prosperity, and the bank€™s focus on this segment resonates soundly with SANAD€™s mission to support business growth in the region,€ said SANAD Board Chairperson Daniela Beckmann.
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