The European Bank for Reconstruction and Development (EBRD) gave a loan of US$ 30 million to Bank Audi SAE Egypt to be lent to Small and Medium-sized enterprises (SMEs) in Egypt.
SMEs make the most important part in terms of employment in Egypt and provide the biggest part of active private enterprises. However, for SMEs it is very hard to lend money in order to grow or improve the company putting the sector into spotlight for the Egyptian government as well as for European investors.
The loan is a trial to improve this situation for SMEs and to support Bank Audi SAE Egypt as it has developed a whole new strategy for lending to SMEs and through this strengthen the Egyptian economy.
Bank Audi SAE Egypt hopes that the loan will only be the beginning of further cooperations with the EBRD, which already invested more than €1.7 billion in Egypt since its start in the end of 2012.