Kredit Secures EGP 875M In Facilities From 9 Banks, Financial Institutions
Date
11/3/2024 11:04:43 PM
(MENAFN- Daily News Egypt) Kredit, a subsidiary of GB Capital for project financing, announced it has secured EGP 875m in bank facilities from nine local and international banks and financial institutions, including the National Bank of Egypt, Banque du Caire, Al Baraka Bank, Egyptian Arab Land Bank, and MSMEDA. This funding supports Kredit's expansion strategy aimed at promoting financial inclusion and backing small and medium enterprises (SMEs) in Egypt.
Ahmed Emam, CEO of Kredit, stated:“The steady growth in the facilities granted to us reflects the banking sector's increasing confidence in our approach and ability to attract diverse clients within the SME sector. Since its inception, Kredit has strategically focused on SMEs, recognizing their essential role and positive impact on the Egyptian economy. We rely on specialized expertise and diverse methodologies to meet the needs of a wide client base.”
Emam added that the company intends to direct this financing towards key sectors such as manufacturing, trade (especially in food production), renewable energy, and export-oriented companies that use local raw materials or labour. Kredit is committed to developing innovative financing solutions tailored to these sectors' needs.
The facilities will be used for several purposes, including export expansion, capital expansion projects, transportation, and heavy equipment, such as earth-moving machinery. Kredit's competitive edge as one of GB Capital's specialized financing arms lies in its focused approach to financing business chains, prioritizing portfolio quality through selective client targeting and offering financial support and advisory services to enhance their growth.
This initiative arrives at a critical time as the Egyptian government intensifies its efforts to bolster the SME sector as a core component of its economic strategy, contributing to job creation and stimulating economic growth.
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