EBE's Partnership with EBRD Set to Boost SME Financing in Egypt

EBE's Partnership with EBRD Set to Boost SME Financing in Egypt

By Staff Writer, 23 February 2024

The Export Development Bank of Egypt (EBE) revealed plans to finalize an agreement with the European Bank for Reconstruction and Development (EBRD) on February 21st, marking a significant step forward for Egyptian business financing.

The agreement aims to secure a loan of up to $25 million, bolstering support for the nation's small and medium-sized enterprises (SMEs), particularly those engaged in export activities.

This move underscores EBRD's commitment to fostering economic growth in Egypt by channeling financial resources to SMEs, a vital sector for driving exports and enhancing competitiveness in the global market.

EBE's recent financial performance demonstrates its resilience and growth trajectory. In the first nine months of 2023, the bank reported consolidated net profits after tax of EGP 2.29 billion, marking a substantial increase from EGP 993.53 million recorded in the previous year.

Building on this momentum, EBE has outlined ambitious targets for the coming years.

Looking ahead, EBE aims to achieve net profits totaling EGP 3.65 billion in 2024, representing a 19% increase over the targeted earnings of EGP 3.07 billion set for 2023.

This strategic vision underscores the bank's commitment to sustainable growth and its pivotal role in supporting Egypt's economic development agenda.

Source: Mubasher

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