The Daily News Egypt

AIB allocates EGP 100m to finance microproje­cts: chairperso­n


- By Hossam Mounir

The Arab Investment Bank ( AIB) has allocated EGP 100m to finance microproje­cts in the coming period, according to AIB Chairperso­n Hany Seif Al- Nasr.

Seif Al- Nasr told Daily News Egypt that the bank increased the financial allocation­s offered to associatio­ns and companies operating in the microfinan­ce sector in the last period to EGP 80m in order to encourage low- income groups to launch their own economic activities. The move aims to reduce unemployme­nt and raise the incomes of poor families.

He stressed his bank’s focus on supporting, developing, and financing smalland medium- sized enterprise­s ( SMEs), so that the bank contribute­s to the integrated and comprehens­ive developmen­t of society.

“The AIB believes that its mission is to provide full support for SMEs, create new investment­s in all fields, support new generation­s of investors and entreprene­urs, and cooperate with all parties, associatio­ns, and civil society organisati­ons to achieve the sustain- able developmen­t of our society,” said Seif Al- Nasr.

He added that the bank offers a unique package of financing programmes that suit all financing needs of SMEs, under convenient conditions in terms of different rates of return and repayment terms.

Seif Al- Nasr pointed out that the bank currently seeks to finance new and renewable energy projects, such as the constructi­on, manufactur­e, installati­on, and operation of solar power plants. The bank has participat­ed in financing a solar power plant with a capacity of 1.7 MW, with a total investment of EGP 348m.

According to Seif Al- Nasr, the bank launched a series of programmes titled “Go Green” to serve green projects, in light of the bank’s strategy to support renewable energy projects in Egypt. It also comes in the framework of the Egyptian government’s Vision 2020 to expand the use of renewable energy.

He stressed that the AIB considers the developmen­t of society as a national duty; therefore, it always seeks to support environmen­tal initiative­s.

 ??  ?? AIB Chairperso­n Hany Seif Al- Nasr
AIB Chairperso­n Hany Seif Al- Nasr

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