FABMISR, Cayesh collaborate to leverage lending programs for MSMEs

Updated 6/9/2024 3:51:00 PM
FABMISR, Cayesh collaborate to leverage lending programs for MSMEs

Arab Finance: First Abu Dhabi Bank Misr (FABMISR) has sealed a cooperation agreement with Cayesh, Egypt’s first supply chain finance company, as per an emailed press release.

The partnership aims to scale up innovative lending programs for micro, small, and medium-sized enterprises (MSMEs) and FABMISR’s large corporate portfolio.

The program earmarks EGP 1 billion in the first year, with potential for expansion building up to EGP 3-4 billion as of the second year.

Endorsed by the Central Bank of Egypt (CBE), FABMISR and Cayesh’s joint mission is to bridge the working capital gap.

“This partnership with Cayesh exemplifies our strategic approach to leverage cutting-edge technologies and financial solutions to empower businesses and drive sustainable growth,” Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said.

Meanwhile, Founder and CEO of Cayesh FinTech Mahmoud Hassan highlighted: “This strategic partnership will significantly impact Egypt's financial landscape transformative era, while aiming to revive the nation's economic sectors through the utilization of advanced technologies and the implementation of innovative financial strategies, ultimately fostering sustainable growth for MSMEs.”

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