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Within the framework of the bank’s strategy for growth and to contribute to supporting the national economy by financing major projects as well as small and medium enterprises, which are considered one of the pillars of the economy and to achieve the principles of sustainability, Abu Dhabi Commercial Bank Egypt and Tamweely Company for Micro-financing projects signed a facility contract worth 100 million EGP in order to support financing small and medium enterprises. This contract is considered to be the beginning of a distinguished partnership between Abu Dhabi Commercial Bank and Tamweely Company.
The contract was signed by Hisham Abbas, Head of Financial Institutions and Corporate Finance , on behalf of Abu Dhabi Commercial Bank Egypt, and on behalf of Tamweely Company, Marwa Nabil, Managing Director of the Small and Medium Enterprises Financing Activity, Member of the Executive Board of Directors, in the presence of Mr. Ihab ElSewerky , Managing Director and CEO of Abu Dhabi Commercial Bank Egypt, and Mr. Ahmed Khorshid CEO and Managing Director of Tamweely Company, Mrs. Maha Lashin, Head of the Small and Medium Enterprises Finance Sector at Abu Dhabi Commercial Bank – Egypt, and also Mr. George William, Senior Manager of the Small and Medium Enterprises Finance Sector at the Bank, Mr. Hisham Ashraf, Vice President of the Financial Sector at Tamweely Company, and Mr. Khaled Saad, Director First Finance and Banking Department at the Company.
On his side , Ihab ElSewerky CEO of Abu Dhabi Commercial Bank Egypt, expressed his pride in signing this contract with Tamweely, the leading company in providing non-banking financial services, and he pointed out the significance of supporting small and medium enterprises in achieving economic development and promoting entrepreneurship in Egypt. He affirmed that the cooperation will enhance the infrastructure for medium and small companies, contribute to implementing economic sustainability practices, and provide better job opportunities in the Egyptian market. ElSewerky explained that this cooperation stems from the bank’s role in supporting this vital sector and empowering project owners economically and socially in addition to integrating them into the financial inclusion and digital transformation system, in line with Abu Dhabi Commercial bank’s expansion strategy in the Egyptian market, which aims to attain customers’ satisfaction in order to achieve the bank’s goal and vision to be their most preferred bank.
For her part, Marwa Nabil, Managing Director of Small and Medium Enterprises Financing Activity and member of the Executive Board of Directors of Tamweely Company, expressed her happiness with the company’s cooperation for the first time with Abu Dhabi Commercial Bank Egypt, and indicated that the main purpose of this cooperation is to provide the necessary financing for medium and small projects whose revenue size ranges from One million and 200 million EGP annually, which works in all industrial, commercial, agricultural and service activities. And added that this agreement is the beginning of creating more opportunities for financial cooperation with the bank in the future.
She explained that the size of one financing facility granted to the client ranges from 300 thousand EGP up to 7.5 million EGP and is repaid over a period of time starting from three months and up to five years. Marwa Nabil indicated that the actual issuance of the activity of small and medium enterprises began in September 2023, and the size of the current financing portfolio directed to the activity has reached about 200 million EGP .
Marwa Nabil also added that the medium and small financing activity gets special attention due to the large size of this segment of customers in the Egyptian economy and the tremendous growth opportunities that this activity has in the future compared to economic indicators.
Hisham Abbas, Head of Financial Institutions and Corporate Finance at Abu Dhabi Commercial Bank Egypt, also expressed his happiness with Tamweely Company contract , wishing for more cooperation in the future. He indicated that the agreement is the beginning of a successful partnership between Abu Dhabi Commercial Bank and Tamweely Company, as it aims to increase financing for private sector projects for small and medium enterprises.
Ahmed Khorshid, CEO and Managing Director of Tamweely Company, said that this agreement comes within the framework of the strategy of expanding the scope of financing allocated to medium and small projects, which we are betting on – in addition to microfinance – to support the market share of our company and enhance our expansion plans in the coming period.
Ahmed Khorshid directed attention that signing the financing agreement, which is the first of its kind with Abu Dhabi Commercial Bank Egypt, is a step towards diversifying the financing sources that the company relies on to enhance its activities.
He explained that the activity of financing small and medium enterprises has become increasingly important in our operating strategy due to its necessity with the rise in inflation rates, which has increased the cost of establishing projects. He pointed out that the cumulative total of the company’s financing portfolio currently, since its inception until now, amounts to 14.1 billion EGP , from which 515,000 clients -have benefited –are distributed among 215 branches representing the company’s geographical spread network covering 24 governorates.
