NBE grants EGP 50M to Kredit for SME support
Updated 9/29/2024 11:05:00 AM
Arab Finance: Kredit, a subsidiary of GB Capital Group, has secured EGP 50 million in financing from the National Bank of Egypt (NBE) as part of its expansion plan to promote financial inclusion and support small and medium enterprises (SMEs), as per an emailed press release.
This financing, the first installment from NBE, reflects the bank's confidence in Kredit’s performance and its growing financial portfolio.
General Manager, Corporate Banking at NBE Ayman Hegazy highlighted that this collaboration aims to enhance financial inclusion and provide the necessary funding for SMEs, contributing to their production and financial capabilities, and ultimately supporting the national economy.
Managing Director of Kredit for financing MSMEs Ahmed Imam noted that supporting SMEs is crucial for achieving sustainable development and economic growth.
He emphasized that the financing strengthens the strategic partnership with NBE and helps Kredit expand its services to meet the needs of Egypt's growing market.
Kredit aims to use this financing to offer flexible and technologically advanced solutions that meet the financial needs of SMEs quickly and efficiently.
in 2023, Kredit received a license from the Financial Regulatory Authority (FRA) to finance SMEs, reinforcing its role in driving Egypt’s economic growth.
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