The Commercial International Bank (CIB) Egypt, the country’s leading private sector bank, announced the launch of a new comprehensive loan programme on Wednesday. The new programme features several products and services that directly target small and medium-sized enterprises (SMEs).
According to the press statement, the programme aims to encourage SMEs growth and integration into the banking system.
Under the new loan programme, the bank offers SME owners time loans, medium-term loans with tenors up to five years, overdrafts, letters of guarantee, and letters of credit with credit limits up to EGP 30m.
“CIB invests in providing Egypt’s SMEs with top-notch banking solutions that help them prosper and become key players in the overall fabric of Egypt’s economy,” said Rashwan Hammady, head of Business Banking at CIB.
“We fully understand what these segments want to grow and by extending this comprehensive loan structure to them, we hope to offer a holistic package of products and that feed directly into their growth story, which is part and parcel of our strategy to align with Egypt’s national growth story as well,” he added.
The bank announced that the SME loan programme is now available to new and existing business customers.