ALEXBANK of Egypt’s leading privately owned banks has signed a loan contract with Sanad fund to facilitate investment in the micro, small and medium enterprise (MSME) segment In Egypt.
The USD 10 million loan contract is SANAD’s first in Egypt and will be enough to fund and promote investments of more than 150 local businesses and enterprises.
Speaking during the signing of the senior contract, Wolfgang Reuss, Chairman of SANAD’s Board of Directors said, “We have found an ideal partner to anchor SANAD in Egypt. Building on ALEXBANK’s dedicated approach towards MSMEs and its countrywide presence; we will achieve optimum outreach to our target group right from the beginning.” Said Reuss.
Reuss added that ALEXBANK’s wide array of tailored products and longstanding experience with MSMEs highlights its commitment to these clients, which remain a vital component of the Egyptian economy.
“SANAD’s choice of ALEXBANK to finance its first activities in the Egyptian market is a testimony to the bank’s leading position in the MSME sector and its focus on broadening financial inclusiveness to all Egyptians,” said ALEXBANK Chief Executive Officer Roberto Vercelli.
Vercelli also urged other willing investors that Egypt, an economy that is poised to grow, that the availability of such specialized funds will be essential to the success of this banking sector because Egypt has less than 10% banking penetration.
Alexbank partnership with SANAD will ensure that they promote financial literacy so as to contribute to elevating the general level of financial literacy in the financial market in Egypt.
ALEXBANK has an extensive network of 180 branches and offices throughout the country.