May 03 2012

Al Baraka Bank Egypt targets EGP500m for SME lending

By Mohamed Al Agamy Al Baraka Bank Egypt will allocate half a billion Egyptian pounds (USD 82.9 million) to finance small and medium enterprises during 2012, the Islamic lender's managing director said.

Of this amount, EGP 100 million will be allocated for lending to SMEs through the country's Social Fund for Development (SFD), Ashraf Al Ghamrawi told Zawya. The SFD was established in 1991 with a mandate to reduce poverty and has disbursed more than USD 2.5 billion since then. Of this, nearly two-fifths was devoted to supporting microcredit and financing community development and infrastructure.

Al Ghamrawi said Al Baraka Bank Egypt has targeted a 15% increase in its loan portfolio to EGP 1.7 billion in 2012. The lender will open seven new branches across Egypt this year, including two in Cairo.

Al Baraka Bank Egypt logged revenues of EGP 3.24 billion in 2011, and assets of EGP 14.851 billion, according to Zawya data.

© Zawya 2012

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