Arab Finance: Societe Arabe Internationale De Banque (SAIB) has signed a medium-term financing agreement worth EGP 300 million with Erada Finance to expand funding for micro, small, and medium-sized enterprises (MSMEs), according to a press release.

Afdal Naguib, the CEO and Managing Director of SAIB, said the deal supports the bank's efforts to support the MSME sector by extending financing to a wide range of market segments.

This also aligns with the bank's commitment to diversifying its financing tools and expanding its customer base while strengthening strategic partnerships.

Naguib noted that SAIB aims to deliver innovative financing solutions that stimulate economic growth, particularly in light of the government's focus on supporting MSMEs as key drivers of job creation and sustainable development under Egypt Vision 2030.

For his part, ‏Amr Aboelazm, Co-Founder and Vice Chairman of Erada Finance, emphasized that this agreement will enhance the company's capacity to boost access to finance for entrepreneurs and MSMEs, which will drive economic growth.

Aboelazm indicated that the financing will contribute to funding around 1,000 micro-projects, in addition to 100 small and medium-sized enterprises, which will contribute to providing 2,000 permanent and temporary job opportunities.

SAIB recently increased the fixed interest rate on its three-year Prime Fixed savings certificate and introduced a new daily payout option in line with its strategy to enhance savings offerings for individual customers.

On the other hand, Erada Finance entered into a strategic partnership with the digital payment platform Axis Pay to integrate its financing services with a broad network of e-wallets operating across the Egyptian market.