Building on the role of SMEs in supporting and enhancing the Egyptian economy, the Egyptian Exchange (EGX) and ALEXBANK have signed a memorandum of understanding (MoU) to empower Egyptian Small and Medium Enterprises (SMEs) by facilitating access to capital.
The MoU will provide additional financing sources and attract new shareholders through NILEX- the first pioneer market dedicated to SMEs in the Middle East and North Africa (MENA) which will give SMEs access to finance for business growth.
Dr. Mohamed Omran, Chairman of EGX said, "supporting SMEs is among the top priorities on EGX's future agenda. Cooperation with the banking sector is vital to the EGX in 2017. The EGX will collaborate with banks instead of competing in providing the needed finance to companies which will benefit all parties in the market."
Similarly, the Managing Director and CEO of ALEXBANK said "the SMEs sector plays a significant role in the economic development of Egypt since it largely contributes to the GDP formation and total employment. ALEXBANK is happy to start this initiative to help these companies overcome obstacles that may limit their growth and expansion into new markets."