Abu Dhabi Islamic Bank – Egypt Launches Definitive Financing Programs for Small Companies and Healthcare Practitioners
Cairo, 15 December, 2015– In line with its commitment to offer clients diverse and innovative banking solutions catering to their unique requirements, Abu Dhabi Islamic Bank – Egypt has launched financing programs tailored to address the needs of small businesses and doctors who own clinics.
Nevine Loutfy, ADIB – Egypt CEO and Managing Director said, “The banking sector plays a definitive role in boosting the economy by providing more individuals and businesses in Egypt with access to finance and banking services. Small businesses are a main catalyst that drive GDP growth, create job opportunities and help alleviate poverty, our commitment to support their success is a keystone of our larger commitment to the Egyptian economy.”
She added that, “Small enterprises (with less than 10 employees) account for 97% of Egypt’s businesses, while medium-sized businesses make up 2.7%, and large firms with over 50 employees account for 0.4%,” and explained that, “Offering small businesses first-time access to banking via myriad banking services is a gateway to financial inclusion, helping address Egypt’s large informal sector which accounted for nearly 30% of the economy in 2014, and generated 40% of the labor force employment.”
ADIB – Egypt offers financing solutions for small businesses with annual revenue ranging from EGP 1 – 5 million. This includes programs to finance working capital through short-term funds, such as financing supply orders, notes receivable and export documents, as well as long-term financing, such as financing the purchase of fixed assets. This is in addition to financing foreign trade and issuing letters of guarantee. ADIB – Egypt will also provide companies it funds with Cash Back cards to cover their daily financial needs.
The bank is also focused on supporting the healthcare sector by facilitating access to finance. ADIB Egypt provides doctors who own clinics with funds to equip these clinics, including the purchase of medical equipment valued at a maximum of EGP 1 million, and monetary financing for various requirements up to a maximum value of EGP 300,000. Clients are also provided with Cash Back cards on request.
Ms Loutfy explained that, "ADIB – Egypt constantly develops and offers innovative banking services and solutions that meet the evolving needs of diverse business sectors. Our recently launched financing services support small companies and businesses on their path towards growth. The development of SMEs is imperative for Egypt’s wider economic prosperity."
The new program features simple and rapid procedures for obtaining financing, with clients receiving a response within five working days of filing an application. Dedicated account managers are on stand-by to offer clients financial counsel and help them determine the best solutions for everyday transactions. Providing ADIB - Egypt clients with even more value, company and clinic proprietors have 24/7 access to their accounts.