Kredit for Project Financing Secures $17.8 Million in Banking Facilities to Support SMEs in Egypt

Kredit for Project Financing, a subsidiary of GB Capital, announced that it has secured banking facilities worth EGP 875 million (approximately $17.8 million) from nine local and international banks as part of its strategy to enhance financial inclusion and support small and medium enterprises (SMEs) in the Egyptian market. The participating banks include the National Bank of Egypt (NBE), Banque du Caire, Al Baraka Bank, the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and the Egyptian Arab Land Bank (EALB).

Supporting Innovation in Financial Solutions

Kredit for Project Financing aims to provide innovative financial solutions across key sectors, including industry and trade, with a particular focus on the food sector and renewable energy sources like solar and green energy. The company also focuses on supporting export-oriented businesses that rely on local resources, whether raw materials or labor, contributing to sustainable growth objectives.

Directing Facilities Towards Expansion and Export Financing

Ahmed Emam, CEO of Kredit for Project Financing, stated that these facilities will be used to finance various areas, such as export-driven expansion, capital expansions, and the provision of heavy equipment and transportation vehicles. He added that Kredit strategically focuses on supporting SMEs for their crucial role in developing the Egyptian economy.

Growth in SME Financing in Egypt

This financing is part of a series of recent funding agreements in Egypt to support small enterprises. In August, the Micro, Small, and Medium Enterprise Development Agency signed an agreement with Aman Holding to provide EGP 100 million (approximately $2 million) in financing to entrepreneurs and young business owners. Similarly, in July, Banque Misr signed a EGP 500 million (around $10.3 million) credit facility agreement with Tanmeyah, an Egyptian company affiliated with EFG Holding, which provides financial solutions tailored for micro-enterprises.