Kuwait to Loan Egypt $30 Million to Support SMEs

Published January 10th, 2019 - 08:35 GMT
The new loan will be directed to small and medium enterprises, expecting that the bank would sign the deal by the end of the first half of 2019. (Shutterstock)
The new loan will be directed to small and medium enterprises, expecting that the bank would sign the deal by the end of the first half of 2019. (Shutterstock)

Egypt’s third biggest public lender, Banque Du Caire is close to securing a foreign loan from the Kuwait Fund for Arab Economic Development worth $30 million according to an insightful source.

The source decalred that the new loan will be directed to small and medium enterprises, expecting that the bank would sign the deal by the end of the first half of 2019.

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In addition, the bank seeks to secure funds of $50 million to support SMEs during 2019, the source added.

Banque Du Caire results during the first 9 months of this year show achieving profits before taxes of 3.2 billion Egyptian pounds pounds, compared to 2.3 billion pounds during the same period in 2017, as net profit rose after tax amounted to 2 billion pounds, compared to 1.3 billion pounds during the same period in 2017. 

This article has been amended from its original source.


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