In line with their expansion strategy and their support for financial inclusion in the Egyptian market
Attijariwafa Bank Egypt and Global Lease Company are signing a protocol to support SMEs
CAIRO, March 5, 2019: Attijariwafa bank Egypt and Global Lease Company have signed a cooperation protocol to finance and support small and medium-sized enterprises (SMEs) in line with the sustainable vision of both parties to achieve further growth and expansion in the Egyptian market as well as providing services to a wider segment of customers.
The protocol aims to support SMEs through financing capital expansions and providing financial leasing services. Under this protocol, Attijariwafa bank Egypt will focus on regulating, financing and collecting the agreed installments, while Global Lease will act as the lessor and collateral agent in finance leases. The protocol is part of the Central Bank of Egypt’s (CBE) loan initiatives directed to fund SMEs.
The portfolio of leased assets includes a variety of sectors including lands, buildings, commercial vehicles, production lines and machinery. The protocol targets various sectors and industries, including petrochemicals, electronics, iron and steel, solar energy, pharmaceutical, information technology, construction materials, logistics, food and beverages, as well as education.
Ever since the presence of Attijariwafa bank in Egypt, it was keen to leave a mark on the economy’s growth, as well as to support all people, especially SMEs,” said Halla Sakr, the Managing Director of Attijariwafa bank Egypt. She added that today’s protocol reflects one of the pillars of the Bank’s strategy towards achieving financial inclusion that is based on providing and facilitating all transactions along with our role in achieving sustainable development.
For his part, Hatem Samir, the CEO and Managing Director of Global Lease, stressed that the company adopts a balanced strategy that relies on a diverse portfolio distributed on many activities and sectors to limit risks and cover all activities, especially with the developmental measures that the Egyptian economy is witnessing across several sectors.
He pointed out that the company is financing all economic projects such as industry, trade, agriculture, services and real-estate development. Mr. Hatem Samir is looking forward to achieve the desired objectives set by both parties through the cooperation protocol, reaching the largest number of customers and contributing to the growth of small and medium enterprises.