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AfDB Approbates Millions of Dollars, Shore up SMEs Operations in Egypt
Posted On 03 Feb 2020
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By Abdul Rahman Suagibu –
Photo Credit: Fine Art America
NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- Members of the board directors of the African Development Bank (AfDB) has dispensed the sum of US $22 million as loan to stout Small Medium Enterprises across (SMEs) agribusiness and food industries, tourism, Information Communication Technology (ICT), clean energy, health, transport and manufacturing sectors.
The loan, which was disbursed to aid Egypt’s Corporate Leasing Company to unfold its operations in Egypt, would assist to reinforce the economy at a certain height that is expected.
Country Manager in Egypt, African Development Bank – Malinne Blomberg described that, the intervention was in line with the bank’s strategic priorities, specifically “Feed Africa”, “Industrialize Africa” and “Improve the Quality of Life for the people of Africa”. The support given by the AfDB with this loan would have favorable effects in the industries as it would help in building them and creating jobs for the citizens.
Acting Vice-President, Private Sector, Infrastructure and Industrialization Complex, African Development Bank – Stefan Nalletamby noted:
“The need for leasing products in Egypt is growing consistently on an annual basis to meet the acute demand by small, medium and large-sized corporates for alternative source of funding from traditional banking sources, for business expansion and job creation. With the annual demand growth expected from the local corporates, the market for leasing in Egypt shows immense potential for investors.”
Corporate Leasing Company is a leading non-bank financial institution that, provides diverse leasing products and services to a wide range of SMEs and larger corporates, through direct leasing, sale and leaseback, as well as structured finance products. It seeks to provide alternative financing through leases to address funding constraints in the private sector in Egypt.
For New Africa Business News Abdul Rahman Suagibu Reports, Africa Correspondent
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