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Egypt : IFC offers $100M loan to AAIB
Publish Date : 31-Mar-2017
The International Finance Corporation (IFC), an arm of the World Bank, has offered a $100m loan to the Arab African International Bank (AAIB).
The loan would help the AAIB expand its lending operations to small and medium enterprises (SMEs) and build its sustainable energy finance portfolio in response to increased power bills for many businesses and SMEs.
Nearly $50m will be assigned to SMEs to support the banks strategy to raise its lending to the smaller enterprises. The remaining $50m will be assigned to introducing credit lines that support energy efficiency, helping companies that need to make capital investments renovate their current operations to cut energy costs.
Mouayed Makhlouf, IFC regional director for the Middle East and North Africa, said, "This loan will help a strong bank increase its reach to smaller businesses and encourage other financial institutions to follow suit, while also helping to boost energy efficiency in Egypt.
Hassan Abdalla, CEO and vice chairperson of AAIB, added, "Small and medium enterprises are at the heart of driving economic growth. We are delighted to be able to continue to expand our lending to these businesses. We are also looking forward to expanding our services by offering new products to help our clients reduce energy costs, improve their competitiveness, and help mitigate climate change."
