Bank of Cairo grants $180.5 mln to support SMEs in Egypt
Tuesday, 23 July 2019 20:50
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
Live News
-
Gulf Transfers to Cameroon Rebound to CFA11.8 Billion but Remain Marginal
21:02
-
Douala Sets Aside CFA1.8 Billion to Compensate Residents for Wouri Riverside Road
20:59
-
Cameroon’s Banana Exports Jump 22% in March, Driven by PHP
20:56
-
EU Funds Coastal Surveillance to Curb Illegal Fishing in Cameroon
20:54
-
Ethiopia Rolls Out National EV Charging Network in E-Mobility Push
20:49
-
Angola Issues $185M in Bonds to Recapitalize State Airline Ahead of Privatization
20:40
-
Togo returns to regional market with 30 billion CFA francs bond offering on April 17
19:56
-
CEMAC Lending Rises 10.7% in 2025 as Bad Loans Edge Lower
19:23
-
Côte d'Ivoire's PETROCI raises $358M for Phase 2 of Baleine oil field
18:57
-
Togo, Benin move to formalize cross-border horticultural trade
14:32
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
M-PESA evolves into major financial platform with 35 million users Telecoms, fintechs expan...
Ethiopia rolling out nationwide EV charging network, EEU says First phase includes 40 stations, mainly in Addis Ababa Plan supports rapid EV growth,...
Angola issues $185 million bonds to recapitalize TAAG Move aims prepare airline for partial privatization, attract investors Restructuring...
PETROCI raises 200 billion CFA francs to fund Baleine project Financing supports Phase 2 expansion, prepares launch of Phase 3 Project boosts...
Senegal launches solar-plus-storage projects to boost grid stability Diass project adds first battery system, backed by KfW, AFD Linguère...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...