By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Guterres urges G77 and China to champion multilateralism ‘rooted in equality’ 
    Guterres urges G77 and China to champion multilateralism ‘rooted in equality’ 
    September 18, 2023
    Chilean businessmen to visit Egypt for dried fruits trade: Ambassador 
    Chilean businessmen to visit Egypt for dried fruits trade: Ambassador 
    September 18, 2023
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    Egypt is promising market for investment despite economic challenges: Labib
    Affirma Capital considers new investment opportunities in Egypt
    September 18, 2023
    Valu secures EGP 922.3m in its sixth securitization bond issuance
    Valu secures EGP 922.3m in its sixth securitization bond issuance
    September 18, 2023
  • Politics
    PoliticsShow More
    Genocide fears in Darfur are attracting little attention − have nations abandoned their responsibility to protect civilians?
    Genocide fears in Sudan’s Darfur are attracting little attention − have nations abandoned their responsibility to protect civilians?
    September 18, 2023
    Guterres calls for redoubling efforts to save Sustainable Development Goals
    Guterres calls for redoubling efforts to save Sustainable Development Goals
    September 18, 2023
    Egypt's Health Minister discusses cooperation with Australian Medical firm Medicast
    Egypt’s Health Minister discusses cooperation with Australian Medical firm Medicast
    September 17, 2023
    Egypt sends Mistral carrier to Libya as field hospital after hurricane
    Egypt sends Mistral carrier to Libya as field hospital after hurricane
    September 17, 2023
    Al-Sisi calls for international cooperation to manage City of Arts and Culture
    Al-Sisi calls for international cooperation to manage City of Arts and Culture
    September 17, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: CIB, FMO sign $50m credit guarantee agreement to support SMEs
Share
Notification
Latest News
Guterres urges G77 and China to champion multilateralism ‘rooted in equality’ 
Guterres urges G77 and China to champion multilateralism ‘rooted in equality’ 
Business
Chilean businessmen to visit Egypt for dried fruits trade: Ambassador 
Chilean businessmen to visit Egypt for dried fruits trade: Ambassador 
Business
Mexico celebrates its independence and 65 years of friendship with Egypt
Mexico celebrates its independence and 65 years of friendship with Egypt
Culture
Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
Business Interviews
Genocide fears in Darfur are attracting little attention − have nations abandoned their responsibility to protect civilians?
Genocide fears in Sudan’s Darfur are attracting little attention − have nations abandoned their responsibility to protect civilians?
Politics Opinion
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Banking > CIB, FMO sign $50m credit guarantee agreement to support SMEs
Banking

CIB, FMO sign $50m credit guarantee agreement to support SMEs

Daily News Egypt
Last updated: 2023/03/03 at 3:36 PM
By Daily News Egypt 3 Min Read
Share
CIB, FMO sign $50m credit guarantee agreement to support SMEs
SHARE

The Commercial International Bank (CIB), Egypt’s leading private sector bank, and FMO, the Dutch entrepreneurial development bank, has announced that they signed a credit guarantee agreement, worth $50m, to guarantee loans granted to the Bank’s small and medium enterprises (SMEs), with a special focus on underserved segments such as women, youth and migrant borrowers. 

“CIB has always been committed to providing innovative products and banking solutions to its SME customers. Our partnership with FMO will allow us to better target small-sized business customers, especially underserved segments, such as women and youth entrepreneurs, and provide them with the needed support during the current global economic challenges,” said Rashwan Hammady, Acting CEO of Retail Banking at CIB. “To become the preferred partner for SMEs, CIB is constantly working to reinforce its leading position in the Egyptian market by offering necessary financial and non-financial services that can help SMEs manage their businesses efficiently. This comes in line with the Bank’s efforts to integrate this segment into the Egyptian banking sector and as part of CIB’s strategic direction toward achieving financial inclusion for SMEs,” he added.

The agreement comprises two components: the NASIRA risk-sharing facility backed by FMO, the European Union and the Dutch government (through the MASSIF fund), and a technical assistance program provided by the Frankfurt School of Finance and Management.

“Signing a risk-sharing agreement with an international entity such as FMO reflects the huge opportunities that can be offered to the SME segment and the strong foundation of the Egyptian banking sector in general and CIB in particular,” said Hany El Dieb, SME Business Head at CIB. “The technical assistance program with Frankfurt School of Finance and Management is another milestone in the continuous process to enhance the value proposition offered to CIB’s SME customers,” he added.

Marnix Monsfort, Director Financial Institutions at FMO, added: “Half of young Egyptians see entrepreneurship as a viable career option. To realize this potential, they need access to finance. This $50m NASIRA risk-sharing facility marks our first exposure into Egypt via our Financial Institutions department, and we are excited to partner with our new customer Commercial International Bank as they support innovative entrepreneurship opportunities in the Egyptian SME sector. Furthermore, this transaction is fully aligned with our updated 2030 Strategy: Pioneer Develop Scale, as we collaborate with local partners to improve economic development. We look forward to a long and fruitful partnership with CIB!”

You Might Also Like

Banks operating in Egypt record EGP 126.9bn of net profits in 1H 2023

CIB launches new online academy for SMEs in partnership with Visa, Almentor Business

Banque du Caire launches new security control unit

Banks in Egypt improve accessibility for people with disabilities

Banque Misr sponsors Egypt’s national football teams until 2026 World Cup

TAGGED: CIB, FMO
Share this Article
Facebook Twitter Email Print
Previous Article How far do fair values of banks’ stocks take into consideration their market price changes? How far do fair values of banks’ stocks take into consideration their market price changes?
Next Article Egypt, UN launch Partnership Week in preparation for signing Strategic Framework 2023-2027 Egypt, UN launch Partnership Week in preparation for signing Strategic Framework 2023-2027
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Guterres urges G77 and China to champion multilateralism ‘rooted in equality’ 
Guterres urges G77 and China to champion multilateralism ‘rooted in equality’ 
Business
Chilean businessmen to visit Egypt for dried fruits trade: Ambassador 
Chilean businessmen to visit Egypt for dried fruits trade: Ambassador 
Business
Mexico celebrates its independence and 65 years of friendship with Egypt
Mexico celebrates its independence and 65 years of friendship with Egypt
Culture
Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
Business Interviews
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?