(Ecofin Agency) - State-controlled Banque du Caire (Bank of Cairo) is earmarking $180.5 million (EGP3 billion) to support 800 small and mid-sized businesses across the country. The information was revealed by Nader Saad, the head of SME banking services division.

Under this project, Banque du Caire aims to increase its portfolio of loans for SMEs to EGP 6 billion by December 2019. Nader Saad says financing granted to SMEs at the end of May 2019 represented 16% of the bank's loan portfolio.

This announcement comes as the Egyptian public bank is preparing its IPO on the Egyptian Exchange for the end of 2019. This transaction should enable the bank to sell 20 to 30% of its capital to investors and raise financing of between $300 million and $400 million.

Chamberline Moko