Cairo – Mubasher: The Egyptian Exchange (EGX) signed a memorandum of understanding (MoU) with ALEXBANK to support and empower Egyptian small- and medium-sized enterprises (SMEs), by facilitating access to capital for business expansion of promising and growing companies.
The initiative aims to further support the vital SMEs sector through providing additional financing and attracting new shareholders through NILEX.
“Supporting SMEs is among the top priorities on the EGX's future agenda. We strive to support this promising sector and help it grow," chairman of EGX Mohamed Omran said.
Omran added that the increasing number of SMEs will help the economy by creating more job opportunities and increasing its competitiveness, according to a bourse statement on Sunday.
The EGX chairman noted that NILEX is one of the important tools available to support SMEs, adding that the EGX aims to expand NILEX's coverage to include areas outside of Cairo and Alexandria, which will help widen the scope of development across various governorates, particularly Upper Egypt.
NILEX jumped 45% in 2016 to reach EGP 900 million in turnover, in addition to the increase of its turnover ratio by 63% last year, Omran stated.
