ADCB, Tamweely sign EGP 100m deal to finance SMEs

ADCB, Tamweely sign EGP 100m deal to finance SMEs

Abu Dhabi Commercial Bank Egypt (ADCB) and Tamweely Microfinance have signed a facility contract worth EGP 100m to support small and medium enterprises (SMEs) in various sectors. The contract marks the start of a strategic partnership between ADCB and Tamweely.

Ihab ElSewerky, CEO of ADCB Egypt, said that supporting SMEs is crucial for achieving economic development and fostering entrepreneurship in Egypt. He added that the cooperation will improve the infrastructure for SMEs, implement economic sustainability practices, and create more job opportunities in the Egyptian market.

ElSewerky explained that the cooperation reflects the bank’s role in supporting this vital sector and empowering project owners economically and socially, as well as integrating them into the financial inclusion and digital transformation system. He said that this is in line with ADCB’s expansion strategy in the Egyptian market, which aims to satisfy customers and achieve the bank’s vision to be their most preferred bank.

Marwa Nabil, Managing Director of SME Financing Activity and member of the Executive Board of Directors of Tamweely, expressed her happiness with the company’s first cooperation with ADCB Egypt. She said that the main goal of this cooperation is to provide the necessary financing for SMEs with annual revenues ranging from EGP 1m