CEO of the Micro, Small, and Medium Enterprises Development Authority Niven Gamea, and Chairperson and Managing Director of the Suez Canal Bank Hussein El-Refaie signed two contracts worth EGP 100m on Sunday to finance small existing and new enterprises.
Gemea said that the signing of these contracts comes in line with the policy of the state and within the framework of the strategy of the authority, which aims to expand the deal with various stakeholders involved in supporting the small enterprises sector.
She added that there is a tendency by the Minister of Trade and Industry, who is the head of the authority, is to support and develop small enterprises, thus contributing to providing more job opportunities and improving the standard of living.
Gamea explained that the two contracts are allocated to secure various types of financing needs for small enterprises operating in all sectors of economic activity.
The first contract is worth EGP 50m is set to finance the purchase of new and used machinery as well as the financing of construction and buildings and equipment for small projects. The second contract is worth EGP 50m is provided to fund the current expenses of the activity under the current debt limit system.
Gamea stressed the keenness of the authorities to coordinate and cooperate with all concerned parties in the small enterprise sector, expand the base of intermediaries dealing with it, reach the largest possible segment of customers, diversify financing products and all non-financial services provided to small enterprises.
For his part, El-Refaie said that the signing of these two contracts comes in line with the strategy of the bank in line with the strategy of the Central Bank of Egypt (CBE) to give small and medium enterprises special importance at this stage being the starting point for comprehensive development.
He added that it was natural for the authority to become a main partner in a cooperative relationship to achieve a common goal.
He pointed out that the Suez Canal Bank with over 40 branches will be an active participant in achieving the objectives of public policy and the plan of the Central Bank of Egypt.
He noted that the bank aims to boost the size of its small and medium enterprises loans to EGP 400m by the end of the year, growing from EGP 140m in the beginning of 2017.