Skip to content Skip to Search
Skip navigation

Egyptian banks to support local SMEs with $120m funding

Worker at an oil shale power plant. The white paper calls on the UAE and UK to help oil and gas workers transfer their skills to renewable industries Reuters/Ints Kalnins
Worker at oil shale plant. The report urges the UAE and UK to train workers for renewables jobs

Saudi-based Islamic Corporation for the Development of the Private Sector (ICD), an affiliate of the Islamic Development Bank, is planning to provide financing worth $120 million to local Egyptian banks, including Banque Misr and the National Bank of Egypt (NBE), Egypt Today newspaper reported.

Funds will help small and medium enterprises (SMEs) and provide integrated trade solutions in Egypt through various programs with its international partners, such as the Arab-African Trade Bridges Program, to support exporters and link companies with trade relations and partnerships with African countries.

The second phase of the Aid for Trade Initiative for the Arab States (AfTIAS 2.0 Program) will aim to enhance Egypt’s role with the Arab countries in global value chains, refine skills of youth and women in entrepreneurship, and develop SMEs in the vital sectors of the country’s foreign trade.

The ICD’s business program includes expanding the scope of financing line facilities in the medium term to take in financial institutions, with a target amount of $80 million to support private sector companies in Egypt.

The multilateral organisation will provide financing to private sector companies and infrastructure projects, with a total targeted value of $40 million, the report said.

Latest articles

Technicians working for Otokar, a maker of heavy commercial and military vehicles, on the production line at a factory in Sakarya, Turkey

Turkish manufacturers buoyed by rise in PMI

Turkish producers are cautiously optimistic after the Turkey Production Managers Index (PMI), which measures the outlook of the country’s manufacturing sector, returned to positive territory in February. According to the latest report issued by the Istanbul Chamber of Commerce and Standard and Poor’s, this is the first increase after seven straight months of contraction.  The […]

Sultan Al Jaber, Adnoc group chief executive

Adnoc buys 25% of Austrian chemical group OMV

Abu Dhabi state oil company Adnoc has formally closed the acquisition of a 25 percent stake in Austrian energy and chemicals group OMV. The energy giant bought the stake from UAE sovereign wealth fund Mubadala Investment Company.  Financial details were not disclosed. Österreichische Beteiligungs AG, an Austrian independent holding company, holds 31 percent in OMV, […]

Abdul Aziz Al Ghurair Dubai Chambers Video length: 04:40

UAE companies ‘can do more’ with Brics

UAE businesses need to do more to take advantage of the UAE joining Brics and signing free trade agreements with various countries, according to the chairman of Dubai Chambers. “Other countries are aware, but our business community needs to take advantage of what they can do with India, Indonesia, Turkey and other countries,” Abdul Aziz […]