IFC has provided a $100 million loan to the Arab African International Bank (AAIB) to enable the institution expand its operations in Egypt. AAIB is a leading player in the Egyptian banking sector that adopts sustainability policies and practises in its daily banking operations. Egypt’s SME sector contributes 25 per cent to the economy and 75 per cent of total private sector employment but SMEs loans represent under ten per cent of total formal lending. Mouayed Maklouf, Regional Director, IFC Middle East and North Africa added that the loan will encourage other financial institutions to follow suit. The remaining $50 million will be for introducing credit lines that support energy efficiency, helping businesses to make capital investments to refurbish or renovate existing operations to reduce energy costs.

Source: The North Africa Journal March 29, 2017 08:15 UTC