Banque du Caire and Inmaa Financial Leasing signed a cooperation agreement to finance small and medium enterprises (SMEs).
Chairperson of Banque du Caire Mounir El Zahid said that this agreement comes within the bank’s keenness to support these projects and provide distinguished financing mechanisms that meet all finance requirements of all sectors, whether through traditional credit facilities or through the initiative launched by the Central Bank of Egypt (CBE) to finance SMEs.
“In light of the economic challenges in the country, the importance of supporting SMEs is highlighted, being the strategic choice to develop the national economy, push forward production, reduce unemployment, raise income levels, encourage investment, boost GDP, and achieve sustainable development,” he added.
He pointed out that the bank enables access to credit facilities and financing to SMEs with extended payment period that match the needs of the sector through its branches across the republic, next to designing mechanisms that help speed up and facilitate procedures to unlock funding.
Tarek El-Fayoumi, managing director of Inmaa Financial Leasing, said that the cooperation with Banque du Caire is the first cooperation between a bank and a financial leasing company in Egypt.
He explained that Inmaa cares for SME development in the first place, noting that the company successfully jumped to the 14th ranking amongst 30 financial leasing companies within nine months, according to the report of the Egyptian Financial Supervisory Authority.
Banque du Caire deputy chairperson Soha Soliman said that the cooperation with Inmaa facilitates access to funding for SMEs and small investors in order to enable them to expand and spread, noting that it also capitalizes on the benefit of the CBE’s SME funding initiative. She pointed out that Banque du Caire is very keen on funding SMEs, considering their ability to fund the national economy across all sectors, achieve financial inclusion, and expand the client base in order to merge the informal economy with the formal economy.