(MENAFN- Daily News Egypt) The Arab Investment Bank (AIB) has allocated EGP 100m to finance microprojects in the coming period, according to AIB Chairperson Hany Seif Al-Nasr.
Seif Al-Nasr told Daily News Egypt that the bank increased the financial allocations offered to associations and companies operating in the microfinance sector in the last period to EGP 80m in order to encourage low-income groups to launch their own economic activities. The move aims to reduce unemployment and raise the incomes of poor families.
He stressed his bank€™s focus on supporting, developing, and financing small- and medium-sized enterprises (SMEs), so that the bank contributes to the integrated and comprehensive development of society.
€œThe AIB believes that its mission is to provide full support for SMEs, create new investments in all fields, support new generations of investors and entrepreneurs, and cooperate with all parties, associations, and civil society organisations to achieve the sustainable development of our society,€ said Seif Al-Nasr.
He added that the bank offers a unique package of financing programmes that suit all financing needs of SMEs, under convenient conditions in terms of different rates of return and repayment terms.
Seif Al-Nasr pointed out that the bank currently seeks to finance new and renewable energy projects, such as the construction, manufacture, installation, and operation of solar power plants. The bank has participated in financing a solar power plant with a capacity of 1.7 MW, with a total investment of EGP 348m.
According to Seif Al-Nasr, the bank launched a series of programmes titled €œGo Green€ to serve green projects, in light of the bank€™s strategy to support renewable energy projects in Egypt. It also comes in the framework of the Egyptian government€™s Vision 2020 to expand the use of renewable energy.
He stressed that the AIB considers the development of society as a national duty; therefore, it always seeks to support environmental initiatives.
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