To ease financing the SMEs

Cairo- 08 February 2008 -In an attempt to support the SMEs, The factoring arm of the Commercial International Bank - CIB (Egypt Factors) had signed an agreement with the Credit Guarantee Company (CGC) to share the commercial risks related the purchase of receivables (invoices), namely factoring, related in the domestic trade.

Both companies have the main aim to promote the domestic trade between companies specially SMEs (Industrial, trading, and services) who are really in need to access to a safe way for finance specially after the international financial crisis .

As per this agreement Egypt Factors could provide its services to a larger portion of clients in the domestic market.

Egypt Factors is the first licensed financial institution by GAFI to provide factoring services both for domestic and international trade as a package of services consisting of administration & collection of receivables, bad debt protection and finance. The company was launched in November 2008 and is a joint venture of CIB Egypt (the leading private bank in Egypt), FIMBank Malta (the specialized bank in trade finance) and IFC (member of World Bank). 

Credit Guarantee Company CGC - a joint venture between 9 Egyptian banks , established in 1989- provides a guarantee with a certain percentage of the loans and credit facilities offered by banks and financial institutions to SMEs without requesting any collaterals , CGC has agreements signed with more than 30 banks to guarantee their facilities.                                                                  

The Top Management of the two companies had confirmed during the singing event that this cooperation would have a very good impact on the domestic market and would help SME to increase their business safety.

-Ends-

Commercial International Bank: since its establishment in 1975 under its original name 'Chase National Bank of Egypt', CIB has grown from strength to strength and now holds the largest market capitalization in the Egyptian banking sector; amounting to EGP 15 billion.

Through superior management, high operating standards and premier training programs, CIB has now become the most profitable commercial bank in Egypt and the bank's capacities are geared towards institutionalizing the business as a stepping stone from local leadership to regional presence. Recognised as the bank with the strongest brand equity in corporate banking and the third strongest in consumer banking, CIB has been internationally recognized consistently as the "Best Bank in Egypt" by publications

Such as The Banker, Global Finance, Euromoney and Emerging Markets.

CIB remains to be focused on human capital acquisition and retention, core corporate culture and values, and integrating its synergies as Egypt's leading financial service conglomerate.

For more information please conact:
Salah El Din Aloui
Assistant Media Relations Manager
Tel: +2 02 3047215 - 17
Fax: +2 02 3047213
Mob: +2 012 39 79 586
E-Mail: salah@promoseven.com

Yousra Genena
Media Relations Executive
Tel: +2 02 3047215 - 17
Fax: +2 02 3047213
Mob: +2 0123011205
E-Mail: yousra.genena@promoseven.com

Press Release 2009