Cairo, Egypt – Emirates NBD Egypt has signed a new EGP 400 million financing contract with the Alexandria Business Association (ABA), marking a significant step towards expanding microfinance services to individuals and small businesses across Egypt. The collaboration aims to enhance financial inclusion and accelerate economic development in line with the strategic goals of the Central Bank of Egypt (CBE) and the Financial Regulatory Authority (FRA).
Promoting Financial Inclusion
This partnership aligns with Emirates NBD Egypt’s vision of promoting financial inclusion and contributing to the nation’s development goals. By empowering underserved communities with better access to financial resources, the bank aims to foster sustainable growth that supports Egypt’s Vision 2030.
The financing contract was signed by key figures from both institutions, including Amr El Shafei, CEO and Managing Director of Emirates NBD Egypt, Mohamed Hano, Chairman of Alexandria Business Association, and Sherif Shoman, Executive Director of Alexandria Business Association. The ceremony was attended by other senior leaders, including Tamer Ragheb, Head of Corporate and Institutional Credit at Emirates NBD Egypt, and Amir Hegazy, Head of Commercial Banking Corporate Credit.
Supporting Micro and Small Enterprises
The agreement emphasizes Emirates NBD Egypt’s commitment to nurturing small and micro-entrepreneurship by providing innovative financing solutions tailored to the needs of local communities. By partnering with ABA, the bank aims to broaden the scope of its lending services, increasing the availability of loans to micro and small businesses.
This move is expected to generate new employment opportunities, particularly in rural areas, and improve the standard of living for individuals and families. The resulting impact will also contribute positively to Egypt’s GDP, as the bank works towards sustainability and long-term community welfare.
Driving Economic Empowerment
Tamer Ragheb, Head of Corporate and Financial Institutions Credit Sector at Emirates NBD Egypt, emphasized the importance of microfinance in driving economic empowerment, stating, “Microfinance is one of the key tools for economic empowerment, and we are proud to play a vital role in supporting entrepreneurs and small enterprises. This is a core part of our strategy to achieve sustainable development.”
He further highlighted the added value created by this partnership: “Through our collaboration with the Alexandria Businessmen Association, we aim to reach the most deserving groups, improving their living standards and generating new job opportunities.”
Expanding Outreach in Rural Areas
Dr. Sherif Shoman, Executive Director of the Alexandria Business Association, expressed optimism about the association’s ability to expand its reach, especially in rural areas. Currently serving over 680,000 clients, ABA operates through a network of 123 branches across various governorates, targeting low-income individuals in both urban and rural communities.
“This partnership will enable us to enhance our efforts towards sustainable development in the Egyptian market,” said Dr. Shoman, emphasizing that the collaboration will extend their microfinance services to even more regions across the country.
Strengthening Partnership and Growth
This financing agreement underscores Emirates NBD Egypt’s ongoing commitment to supporting initiatives that improve community livelihoods and promote sustainability. The bank’s microfinance portfolio has grown by 22% over the past year, a clear indication of its dedication to providing integrated financial solutions that foster economic growth and financial inclusion.
As both Emirates NBD Egypt and the Alexandria Business Association continue to expand their partnership, this EGP 400 million loan is set to play a pivotal role in driving economic development and supporting micro and small businesses across Egypt.