AAIB pens $10.55mln deal with Egypt’s MSMEDA

PHOTO

Cairo – Arab African International Bank (AAIB) signed an agreement worth EGP 200m with Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA), Ahram Gate reported.

The deal aims to finance small projects with loans worth up to EGP 5 million and offer easy payment plans that can reach a 60-month duration, which will be determined according to the type of the project as well as its capital turnover and cash flows.

This cooperation comes in line with AAIB’s strategy to support small and medium-sized enterprises (SMEs) and achieve financial inclusion in both the formal and informal sectors.

Last March, the Egyptian Minister of International Cooperation, Rania El-Mashat, stated that the Arab Republic was granted development financing of nearly $940 million for SMEs projects.

It is worth noting that during the first quarter (Q1) of 2022, AAIB posted a leap in consolidated net profit after tax to $54.63 million, compared to $32.22 million in the year-ago period.