Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), the business unit of UAE-based FAB operating in Egypt, penned a deal with Cayesh, the first supply chain finance company in Egypt.
The two entities will join forces to leverage innovative lending programmes for micro, small, and medium enterprises (MSME) and the corporate portfolio of FABMISR, according to a press release.
Under the agreement, the programme commits to deploying EGP 1 billion in the first year, which might increase to between EGP 3 billion and EGP 4 billion beginning the second year.
In line with the Central Bank of Egypt (CBE) strategy, this partnership will foster the evolution of fintech finance in the Arab Republic.
FABMISR and Cayesh will bridge the working capital gap, which will bolster economic growth and prosperity across Egypt.
Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, commented: "This partnership with Cayesh exemplifies our strategic approach to leverage cutting-edge technologies and financial solutions to empower businesses and drive sustainable growth.”
“By combining Cayesh's expertise in developing user-friendly platforms with FABMISR's robust infrastructure, we are poised to redefine the landscape of financial services in Egypt, unlocking new opportunities and fostering economic prosperity for our clients and the nation as a whole,” Fayed added.
Mahmoud Hassan, Founder and CEO of Cayesh, said: "This strategic partnership will significantly impact Egypt's financial landscape transformative era, while aiming to revive the nation's economic sectors through the utilisation of advanced technologies and the implementation of innovative financial strategies, ultimately fostering sustainable growth for MSMEs.”
In the first quarter (Q1) of 2024, FABMISR logged net profits valued at EGP 9.90 billion, which marked a 108% year-on-year (YoY) leap.
