DEVELOPMENT FINANCE-

AAIB backs SMEs in Egypt via EGP 150 mn facility: The Arab African International Bank (AAIB) inked a EGP 150 mn financing agreement with the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) to on-lend small- and medium-sized projects across Egypt, according to a statement. SMEs — especially new ventures and women-led businesses — can access loans of up to EGP 15 mn for small businesses and EGP 30 mn for medium-sized ones, which will go toward purchasing machinery and working capital.

AAIB Vice Chairman and Managing Director Tamer Waheed said the facility aligns with the lender’s strategy to grow its SME portfolio, which has surpassed EGP 10 bn and now serves over 800 clients. The bank is prioritizing industrial and export-oriented businesses, he added, as part of a broader effort to boost Egypt’s industrial sector.

CAPITAL MARKETS-

Uptown 6 October to set up EGP 1 bn real estate fund: Real estate developer Uptown 6 October Developments plans to launch a EGP 1 bn real estate investment fund to capitalize on its property portfolio, Chairman Ahmed Abou Zaid told Al Borsa. The company is reviewing offers from investment banks and financial institutions to manage the fund.

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