The European Investment Bank (EIB) and Bank of Alexandria (ALEXBANK) signed a financing agreement for EUR 20 million to support small and medium-sized enterprises (SMEs) and midcaps in Egypt. The operation comes under the EIB’s Economic Resilience Initiative (ERI), aimed at enhancing the prospects for more resilient and inclusive growth, fostering financial inclusion and creating sustainable employment opportunities in the country.
The finance agreement is the first EIB credit line for small and medium-sized enterprises provided through Alexbank, which will channel the funds at affordable rates to Egyptian businesses, thereby enhancing economic growth by catalysing and accelerating private investment.
Forming part of the Intesa San Paolo Group, Alexbank is one of Egypt's leading private sector banks. It provides financial and non-financial services to its clients, including innovative products aiming to support development of local SMEs and reaching out to traditionally underserved categories like women, young people and entrepreneurs in rural areas.
Commenting on the transaction, Flavia Palanza, Director for EU Neighbouring Countries at the EIB, said: “We are pleased to join forces with a new important partner in Egypt. This partnership with Alexbank will contribute to speeding up the delivery of finance to support the investments of small and medium-sized enterprises in Egypt. SMEs play an important role in job creation, innovation and sustainable economic growth. As the bank of the European Union, our aim is to contribute to building a stronger and resilient economy in Egypt – as well as in the region – that creates more jobs. Private sector support in the European neighbourhood region is a priority under the EIB’s Economic Resilience Initiative.”
Dante Campioni, Managing Director & CEO of ALEXBANK said: “We are glad to start this cooperation with EIB whose aim is to feed the expansion of Egyptian SMEs, recognized backbone of Egypt’s economic sustainable growth. This agreement marks our first cooperation with EIB in the SMEs field, enlarging the number of partnerships established by Alexbank with prestigious financial and non-financial entities, with the scope to consolidate joint efforts towards the support of this vital sector, main contributor to the job creation in Egypt.”
Khaled Elnimr, k.elnimr@ext.eib.org, +352 4379 70482