Egypt: EBRD and QNB ALAHLI Join Forces to Support Woman Entrepreneurs in Egypt
Source: www.export-egypt.com 11/15/2017
In line with the EBRD support for the development of medium, small, and very small enterprises in Egypt, and the leading role of QNB ALAHLI in Egypt in regards to that field, EBRD offered a senior loan of US$ 20 million to QNB ALAHLI SAE for on-lending to local small businesses (SMEs).
The loan is the first under the EBRD’s new Egypt Women in Business programme which aims to strengthen the role of women in the economy.
It provides access to finance through credit lines to local banks as well as business advice, training and support for women entrepreneurs and women-led businesses.
As part of QNB ALAHLI's role as one of the leading banks in Egypt to contribute to economic and social development and to enhance the trend towards financial inclusion, especially the promotion of small, medium and micro enterprises, the bank is keen to operate alongside with EBRD working on endorsing the financial Platform for SMEs in Egypt.
Financing to QNB ALAHLI will be complemented by a technical cooperation programme to provide technical support to QNB ALAHLI and other partner financial institutions, through capacity-building and skill development to develop a better understanding and financial services tailored to the needs of women-led SMEs.
In addition to financing, capacity-building and advisory services will be delivered directly to women-led SMEs to support women entrepreneurs’ know-how, via outreach events, including Women in Business seminars, organised by QNB ALAHLI and other partners.
SMEs are a priority for the EBRD in Egypt as they are a major source of job creation.
For many small enterprises limited access to finance remains an obstacle that holds them back from fulfilling their potential to generate growth and provide jobs.