Egypt reports 579 new coronavirus cases; 45 deaths on Friday    61st Diyarna Exhibition: Showcasing Egyptian Handicrafts    Art House partners with Cultural Development Fund to present theatrical, musical shows    Egypt stresses necessity of launching 'serious' negotiation process to reach deal on GERD before flood season    Arab interests must be voiced unanimously to reflect unified will: Aboul Gheit    Ethiopia says AU-led GERD negotiations will be win-win, expects close agreement    Egypt, Jordan, and Palestine reiterate call for halting Israeli settlement activities    Al-Sisi, Guinea-Bissau counterpart discuss counterterrorism, GERD negotiations    Egypt, Sudan finalise agreement strengthening military cooperation    Yemen's Houthis fire missile at Saudi Aramco site in Jeddah    Messi serves as bright spot in Barcelona's disastrous season    Zamalek ready with striking force against Esperance Tunis    Egypt clubs protest Football Association decision to cover costs of COVID-19 tests    International Cooperation Ministry, AfDB sign development financing of €109m for rural Luxor sanitation services    Egypt's National Council for Women launches awareness campaign on nutrition education    Egypt on transformational path into regional energy trade centre: Petroleum Minister    Planning Ministry prioritises Upper Egypt development under coherent, integrated programme    Hassan Allam wins contract to manage, operate Grand Egyptian Museum    March: The month of celebrating women    Egypt launches ‘Closing the Gender Gap Accelerator' action plan    Africa welcomes COVAX doses but warns against 'selfishness'    Preview: Ahly seeking to dispel doubts in CL clash against Vita Club    Preview: Zamalek hoping to maintain recent dominance over Tunisia's Esperance    Pope urges Iraqis to shun past violence and give peace a chance    Egyptian Journalists' Syndicate midterm elections postponed to 19 March    UPDATED: Pope Francis arrives in Baghdad for risky, historic Iraq tour    Juve face Lazio test before crunch Champions League game    Sudan keen to enhance cooperation with Egypt: Sudanese FM Al-Mahdi    Moody's completes periodic review of ratings of GIG Insurance – Egypt    Egypt improves ranking on Heritage Foundation's Index of Economic Freedom    A Happy Purrfect Rescue Story of 4 Cats in Thailand    Egypt court upholds 3-year prison sentence for Mubarak-era Minister El-Feky    Spotify competitor Anghami to become first Arab tech firm to list on Nasdaq, eyes plans for Egypt    Egypt's Zamalek arrive in Tunisia to face Esperance in CAF Champions League    French President Macron renews calls for end to repression in Myanmar    Winston Churchill's Moroccan landscape painting owned by Angelina Jolie sells for $11.5M    Syrian pound hits new low in contagion from neighboring Lebanon's currency crisis    Orascom Construction to build Magdi Yacoub Global Heart Centre    Respect for diversity    From the trading floor    Huawei launches HUAWEI FreeLace Pro in Egypt with extra-long battery life and top-grade noise cancellation    Enhanced Labs signs Mr. Olympia 2020 "Big Ramy" And His Trainer Dennis James    1st hours of registration for coronavirus vaccine seen 7,000 Egyptians signing up: ministry    King Tutankhamun funerary mask is must-see tourist icon: The Telegraph    Egypt eyes gradual return for tourism after revenues fall to $4 bln in 2020    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    Coronavirus strikes Egypt's youth team as 17 players, coach test positive    Egypt, Ethiopia, Sudan to resume Nile dam talks today    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Bank Audi-Egypt to expand loan portfolio to include SMEs, among other sectors
Bank Audi-Egypt increased its deposit holdings by 17%, and increased the value of its loans portfolio by 47% in 2015; in 2016, the bank aims for additional 20% increase
Published in Daily News Egypt on 31 - 01 - 2016

Bank Audi-Egypt is considering large funding opportunities worth more than EGP 11bn in various economic sectors throughout 2016, according to Mohamed Abbas Fayed, Vice Chairman and managing director of the bank.
Fayed told Daily News Egypt that part of the funding will be provided individually, while the rest will be provided through loans that the bank arranges, in cooperation with other banks.
He added that the bank achieved an increase of 47% in its loans portfolio, whereby it increased from EGP 12.6bn by the end of 2014, to nearly EGP 18.5bn by the end of 2015.
Fayed stated that the bank's loans portfolio made significant gains in the funds it provides to companies. There has been a 50% appreciation in the total value of loans provided to companies from 2014 to the end of 2015, whereby it increased from EGP 9.5bn to nearly EGP 14.3bn.
There has been a 41% increase in the total value of retail loans provided, with year-on-year appreciation from EGP 2.9bn to nearly EGP 4.1bn by the end of 2015.
Fayed pointed out that the loans portfolio for small and medium enterprises (SMEs) also increased by 76% in the total value of loans provided, increasing from EGP 300m in 2014, to EGP 1bn at the end of 2015. Fayed attributed this growth to a reclassification of projects in accord with the new definitions provided by the Central Bank of Egypt (CBE).
According to Fayed, Bank Audi-Egypt increased its deposit holdings by 17% in 2015, whereby the total holdings reached EGP 31.8bn. The bank also annouced a 21% increase in the size of assets, recording EGP 37.3bn.
Fayed noted that Bank Audi-Egypt aims to achieve an increase that exceeds 20% in all its activities in 2016.
He revealed that the bank will sign a cooperation agreement with the International Finance Corporation (IFC) on 31 January in order to obtain consultations and technical help to expand its funding to SMEs.
He added that the bank is also preparing to sign another agreement with the European Bank for Reconstruction and Development (EBRD) for a loan that will be allocated towards funding similar projects.
The bank hired a management firm that specialises in funding SMEs, and plans to propose a new programme to support these kinds of projects, according to Fayed.
He added that the programme will not be limited to financing alone, but will also expand to training SME founders, with the aid of the expertise of the IFC.
He explained that this step is aligned with the initiative launched by the CBE to finance these projects, and increase the size of loans provided to them to more than 20% of the total loan portfolios of banks operating in the Egyptian market, compared to the current average of 6%.
Outside SME investment, Fayed said the bank is considering financing projects in the transportation sector, including the new metro line, in addition to projects in renewable energy. The bank also anticipates proposing projects in the Suez Canal Area Development project.
Fayed highlighted that no single sector obtains more than 15% of Bank Audi-Egypt's loan portfolio.
Bank Audi-Egypt most prominently finances initiatives in the sectors of petroleum, energy, road infrastructure, transportation, construction materials, food stuffs, and packaging sectors.

Clic here to read the story from its source.