– GB Capital’s Kredit secures USD 17.8 million in bank facilities from nine local and international banks, including the National Bank of Egypt and Banque du Caire, to enhance financial support for small and medium-sized enterprises (SMEs).

– The funding will primarily target vital sectors such as manufacturing, trade, food products, and renewable energy, with a particular emphasis on supporting export-oriented companies leveraging local resources.

– Kredit plans to develop tailored financial solutions to meet the specific needs of SMEs, directing funds towards expansion programs, capital investments, and transportation and heavy equipment procurement.

Funding Overview

GB Capital, a subsidiary of GB Corp, announced that its new venture, Kredit, secured USD 17.8 million (EGP 875 million) in bank facilities. Nine local and international banks provided this funding. The participating banks include the National Bank of Egypt (NBE), Banque du Caire, Al Baraka Bank, the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), and the Arab Land Bank (EALB).

Strategic Focus on Financial Inclusion

This funding supports the company’s strategy to enhance financial inclusion. It specifically aims to assist small and medium-sized enterprises (SMEs) across Egypt. Ahmed Imam, CEO of Kredit, emphasized the importance of the SME sector. He pointed out its crucial role in boosting the Egyptian economy.

Target Sectors for Investment

Moreover, the funding will focus on critical sectors. These sectors include manufacturing, trade, food products, and renewable energy. Kredit will support companies engaged in exports, especially those that utilize local resources like raw materials and labor.

Kredit Innovative Financial Solutions

Also, Imam stressed the need for innovative financial solutions. Kredit will tailor these solutions to meet the specific needs of various sectors. He stated, “These facilities will be directed towards several areas, such as expansion programs for exports, capital expansions, transportation means, and heavy equipment.” This targeted allocation aims to drive growth and sustainability in the chosen industries.

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