FABMISR and Cayesh collaborate to boost fintech finance in Egypt.
FABMISR, an Egypt-based financial institution, has formed a strategic alliance with Cayesh, a player in the supply chain finance sector in the country.
The collaboration is designed to introduce lending programs tailored for micro, small, and medium enterprises (MSMEs) and utilise FABMISR’s diverse corporate client base.
More about the announcement
The initiative plans to invest approximately USD 21 million in its first year, with the potential to raise the fund to USD 84 million in the following year.
The Central Bank of Egypt supports this partnership that represents a major steps forward for Egypt’s fintech finance industry. The collaboration Awill address the working capital gap, which is a significant issue for MSMEs in the current economic environment, in order to promote the growth of Egyptian businesses.
The alliance with FABMISR – known for its dynamic SME lending programs – will have an important impact during this period in Egypt’s financial domain. Both financial institutions are striving to rejuvenate the country’s economic sectors by leveraging technology and executing financial strategies, ultimately driving sustainable expansion for MSMEs.
This significant investment reflects FABMISR and Cayesh’s unified vision to innovate fintech finance, nurturing financial ingenuity, economic development, and prosperity throughout Egypt.
About MSMEs landscape in Egypt
Egypt is focused on achieving sustainable growth by providing support to micro, small, and medium enterprises (MSMEs) despite facing challenges in accessing financing. The Central Bank of Egypt has identified a gap in loans available to the private sector. The “Egypt Vision 2030” framework underscores the significance of MSMEs in driving economic growth. AFC is contributing to Egypt’s financial sector and agribusiness through strategic projects that are aligned with the country’s vision for 2030.
