Banque du Caire, Enmaa Leasing cooperation to fund SMEs

CAIRO – 19 June 2017: Banque du Caire has signed a cooperation agreement with Enmaa Leasing Company to finance small and medium businesses, the bank announced Monday.

The agreement aims to provide finance services to all small and medium enterprises (SMEs) through offering facilitations or through the SMEs financing initiative of the Central Bank of Egypt (CBE), Banque Misr Chairman Mounir el-Zahed said in a statement.

Providing Sharia-compliant financing to small businesses, the agreement is considered the first cooperation between a banking institution and a financial leasing company in Egypt, Tarek el-Fayoumi, managing director of Enmaa, said.

Enmaa mainly focuses on SMEs and it ranks 14th of 30 financial leasing companies approved by the Egyptian Financial Supervisory Authority (EFSA) by the end of 2016.

Starting operations in Egypt in February 2016, Enmaa was established in cooperation with the Islamic Corporation for the Development of the Private Sector (ICD,) affiliated with the Islamic Development Bank and the Arab Investment Bank with LE 40 million ($2.2 million) in issued capital.