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Sharm El Sheikh – Mohammad Ali, managing director of Abu Dhabi Islamic Bank, revealed that his bank aims to increase the financing portfolio of its major companies to 45 billion Egyptian pounds by the end of this year.
During COP27 in Sharm el-Sheikh, the bank aims to increase its small and medium-sized enterprise (SME) financing portfolio to EGP 10.5 billion by the end of the year, he added in a statement to the Egyptian Daily News. Point out that five years ago the size of the portfolio was around EGP 700 million.
He added that the bank has added two new companies to the activities of its subsidiary Abu Dhabi Capital, the first of which is in the microfinance sector and will launch activities in early 2023.
He noted that the bank aims to increase the number of new MFC branches to 25 by the end of 2023, noting that it will provide microfinance under Sharia law.
During COP27, he added that the second company is a fully digital platform for financing individuals, allowing banks to offer various types of financing to customers through banks or their subsidiaries.
He said his bank had one of the highest returns on equity, reaching about 28% by the end of the first half of the year.
He added that the bank is focused on financing green projects, most recently financing a waste recycling project by Uniboard Group and financing a wind energy project in Zafarana, specifically the power plant in Benban.
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