Suez Canal Bank signs LE 100M deals to finance SMEs

CAIRO – 10 September 2017: The Small and Medium Enterprise and Microfinance Authority signed two contracts worth LE 100 million with Suez Canal Bank on Sunday to finance new and current SMEs in Egypt’s governorates.

The Executive Director of the authority, Nevine Gamea, said that the two contracts come in line with the state’s current policy towards promoting and developing small- and medium-sized enterprises (SMEs), which contribute to providing more job opportunities and enhancing the standard of living.

The first agreement, worth LE 50 million, targets financing the purchase of new and second-hand machinery and the construction of small projects, while the second LE 50 million contract will be for financing the current expenses of the business, Gamea added.

Moreover, Suez Canal Bank's Chairman, Hussein El-Refaie, highlighted that the bank is giving SMEs due concern, as a part of its strategy with the Central Bank of Egypt (CBE) that considers SMES as a launching base towards a comprehensive development.