Saib Bank has signed a medium-term financing agreement worth EGP 300m with Erada Finance to expand funding for micro, small and medium enterprises (MSMEs), reinforcing its efforts to increase financial inclusion and support private sector growth. Afdal Naguib, CEO and Managing Director of saib Bank, said the financing forms part of the bank’s ongoing strategy to strengthen support for the MSME sector by expanding access to finance across different market segments. The initiative also aims to facilitate the integration of businesses into the formal economy through partnerships with specialised MSME financing institutions. Naguib added that the agreement reflects the bank’s commitment to diversifying its financing solutions and broadening its customer base. Through the partnership with Erada Finance, saib Bank seeks to strengthen strategic alliances and deliver innovative financing solutions that support economic growth, in line with the state’s continued focus on MSMEs as key drivers of employment and sustainable development under Egypt Vision 2030. Amr Aboul Azm, Chief Executive Officer, Vice Chairperson and Co-Founder of Erada Finance, said the agreement will enhance the company’s ability to expand access to financial services for entrepreneurs and small businesses, strengthening its contribution to economic development. He noted that the financing is expected to support around 1,000 micro enterprises and 100 small and medium-sized enterprises, helping create approximately 2,000 permanent and temporary job opportunities. Amany Samir, Assistant Managing Director and Head of the Central Credit, Investment, Financial Institutions and Sustainable Finance Sectors at saib Bank, highlighted the importance of cooperation between banks and non-bank financing companies in supporting the national economy. She said the agreement demonstrates the bank’s commitment to financing projects that promote sustainable economic development while expanding access to finance for productive sectors. Both parties expressed their intention to further strengthen their cooperation in the future to provide broader financing support for micro, small and medium enterprises and contribute to Egypt’s sustainable economic growth. The post Saib Bank signs EGP 300m financing agreement with Erada Finance to support MSMEs first appeared on Dailynewsegypt.
