Bank of Alexandria secures US$100m loan from EBRD to enhance support for SMEs in Egypt

EGYPT –  Bank of Alexandria (Alexbank) has signed a cooperation agreement with the European Bank for Reconstruction and Development (EBRD) worth US$100m to support Small and medium-sized enterprises.

The facility includes a US$50m credit line for small and medium enterprises, including a special grant for technical support that Alexbank can use to develop skills and the competitiveness of these projects through training courses and workshops.

The agreement also includes an additional US$50m under the Trade Facilitation Programme.

Alexbank launched its trade facilitation program: the Business Club Academy aiming at providing dedicated training for SME owners and entrepreneurs.

The Academy features elements of financial management, organisational skills, and marketing skills, supporting them in taking better business decisions and enhancing their competitiveness and productivity.

MENAFN reported that the capacity building program by AlexBank is supported by EBRD and was developed in  collaboration with the Egyptian Banking Institute (EBI).

EBI – the training arm of the Central Bank of Egypt (CBE) that will be the implementing partner – will provide dedicated training to Alexbank’s SME customers.

Furthermore, the technical assistance offered by the EBRD will also focus on improving the existing processes, products, customer experience, and technical expertise of Alexbank employees.

This will be done through a collaboration established with the Frankfurt School of Finance and Business.

According to AlexBank, The Business Club Academy aims to organise more than 50 dedicated workshops and training sessions.

These sessions will be executed in are Cairo, Alexandria, the Delta, and Upper Egypt Governorates and are expected to more than 1,700 participants.

The topics of the workshops will include corporate governance, payment technology and solutions, quality management, environment, digital economy, alternative distribution channels, and financial inclusion.

“Our cooperation with EBRD and EBI comes in line with Alexbank’s strategy to support the development of SMEs,” Dante Campioni, Managing Director and CEO of Alexbank said.

“By launching the Business Club Academy; the bank affirms its aim to boost the growth of small enterprises and support entrepreneurship in all sectors, whether industrial, agricultural, or other.”

The Business Club, according to AlexBank is a fully-fledged financial and non-financial proposition that provides a unique banking experience.