Sharm El-Sheikh- Mohamed Ali, Managing Director of Abu Dhabi Islamic Bank, revealed that his bank aims to increase its financing portfolio of major companies to EGP 45bn by the end of this year.
In a statement to Daily News Egypt, he added, on the sidelines of COP27 in Sharm El-Sheikh, that the bank aims to also increase its small and medium enterprises (SME) finance portfolio to EGP 10.5bn by the end of this year, pointing out that the size of that portfolio was about EGP 700m five years ago.
He added that the bank has added two new companies to the activities of its subsidiary “Abu Dhabi Capital”, the first of which is a company in the field of microfinance, which will launch its activities in early 2023.
He pointed out that the bank aims to bring the number of new microfinance company branches to 25 by the end of 2023, pointing out that it will provide microfinance in accordance with Islamic Sharia.
On the sidelines of COP27, he added that the second company is a fully digital platform that provides financing to individuals, allowing the bank to provide all types of financing to customers through the bank or its subsidiaries.
He said that his bank is one of the highest banks with a return on equity, reaching about 28% by the end of the first half of this year.
He added that the bank focuses on financing green projects and has recently provided financing to Uniboard Group for a waste recycling project, and another financing for a wind energy project in Zafarana, especially the power plant in Benban.