AUB – Egypt secures $ 82 million fund from renowned international institutions
Ahli United Bank – Egypt (AUB), one of Egypt’s leading financial institutions, has received funding of $ 82 million from the European Bank for Reconstruction and Development (EBRD), the European Union (EU) and the Green Climate Fund (GCF).
This was delivered as part of AUB – Egypt’s expansion strategy in the Egyptian market; which will boost its financing activities, support GDP growth and also provide the necessary financing to SMEs.
The financial package provided to AUBE consists of a $ 30 million line of credit for loans to small and medium-sized enterprises (SMEs), a $ 10 million loan for the value chain under the EU-funded Trade and Competitiveness program and a $ 12 million green value chain loan. supported by the GCF and the EU, as well as a US $ 30 million trade facility under the EBRD’s Trade Facilitation Program (PTF).
“We are delighted to work with the EBRD and GCF to support key business sectors that are of vital importance in the domestic market, which is in line with the bank’s strategy and the national economic development plan,” said said Hala Sadek, CEO and Board Member, AUB – Egypt.
“AUB – Egypt aims to improve SMEs’ access to lines of credit, taking into account their evolving role in promoting the Egyptian economy and creating jobs, even with relatively modest investments. In addition, AUB – Egypt plans to expand its support to SMEs located in remote areas outside of Greater Cairo and Alexandria, ”said Sadek.
She also stressed that the financial package would support SMEs operating in various sectors, including agro-industry, manufacturing and services, logistics, information and communication technologies, taking into account the competitiveness of these sectors. Meanwhile, the program will enable small businesses to invest in advanced technologies and solutions that drive migration and adaptation to climate change.
AUB, Bahrain’s largest bank, has a 95.7% stake in AUB – Egypt. AUB’s financial results for the first nine months of 2021 showed an exceptional growth rate, reporting net income of $ 450.6 million and average return on equity of 13.7% .