EFG Hermes, HSBC agree to make available EGP 400 mn in financing for SMEs

EFG Hermes Leasing and HSBC Egypt have agreed to allow SMEs access to EGP 400 mnin leasing and financing servicesduring 2019, according to an EFG statement. The agreement, aimed to provide SMEs with low interest rates as well as medium- and long-term funding to support both capex and cash flows, comes as the government rallies behind SMEs as a major driving force for economic growth. “We are very excited for this [chance] to combine our experience with that of HSBC Egypt to deliver innovative financing solutions for various SMEs in the local market,” EFG Hermes Leasing’s CEO Ahmed El Kholy said.