The Clap
Al Baraka Bank (SAUD) announced its new strategy towards the small and medium enterprises (SMEs) sector, which will be implemented during the coming period.
The deets
CEO of Al Baraka Bank Hazem Hegazy said the bank aims to pump EGP 2 billion into its SMEs financing sector, bringing the total funding from EGP 3 billion to EGP 5 billion.
The strategy also aims to comply with the directives of the CBE, which require 25% of banks’ financing budgets go towards SME financing.
Why this matters
Al Baraka Bank is looking to attract new segments through offerings designated for financing SMEs throughout Egypt’s governorates.
