almal > RightWingAd
almal > LeftWingAd

EFG Hermes Leasing in deal with HSBC Egypt to finance capital expansions for SMEs

Thursday 03 January 2019 02:28 PM

EFG-Hermes Holding
EFG-Hermes Holding

Al Mal:
EFG Hermes Leasing and HSBC Bank Egypt have signed a collaborative agreement that will help small and medium-sized enterprises (SMEs) get access to EGP400 million in leasing and financing services throughout 2019.

The collaboration agreement provides additional support to initiatives unveiled by the government and the Central Bank of Egypt (CBE) to boost the SME sector – widely regarded as the backbone of the country’s economy and estimated to generate significant percentage of the nation’s GDP.

The core of the collaboration agreement is to provide SMEs with low interest rate funding access to medium and long-term financing for capital expenditure and the ability to streamline cash flows.

The signing ceremony at HSBC Egypt’s head office was attended by Hania Sadek, HSBC Egypt Executive Director and Chief Operating Officer, Helmy Ghazi, HSBC Egypt Managing Director and Head of Global Banking, Ahmed El-Kholy, EFG Hermes Leasing Chief Executive Officer, and Talal Elayat, EFG Hermes Leasing Finance and Treasury Director.

“We are very excited for this opportunity to combine our experience with that of HSBC Egypt to deliver innovative financing solutions for various SMEs in the local market,” said Ahmed El-Kholy, EFG Hermes Leasing Chief Executive Officer. “This agreement comes in line with the CBE’s initiatives and is part of our group-wide initiative that saw us grow the contribution of SMEs in our portfolio to 16% compared to the 6% seen in 2017.”