Cairo – Mubasher: The SANAD Fund for micro, small, and medium enterprises (MSMEs) on Monday announced that it will grant Banque du Caire a $10 million loan to bolster MSMEs in Egypt.
The loan will help Egypt's third-largest state-owned bank to achieve its objectives in supporting and reinforcing in MSMEs funding, hence, this will boost SANAD’s MSMEs funding in Egypt, as well as creating jobs in the North African country, SANAD said in a statement.
SANAD is willing to partner up with the lender to finance medium enterprises, which most banks abstain from granting credit to, SANAD board chairman Daniela Beckmann said.
The growth of micro and small businesses is a key factor to achieve economic growth, Beckmann added, noting that this sector goes along with SANAD’s mission to encourage the business sector in the region.
