Erada Finance has signed a EGP 300 million medium-term financing agreement with Société Arabe Internationale de Banque (saib). This funding will directly expand financing opportunities for micro, small and medium enterprises (MSMEs) across Egypt. By focusing on these businesses, the partnership aims to drive national financial inclusion, empower local entrepreneurs and support sustainable economic growth through targeted funding.
The injection of EGP 300 million will allow Erada Finance to deliver tailored, flexible and responsible financing solutions to businesses at various stages of growth. By providing essential capital to industries across the country, the initiative is designed to unlock the entrepreneurial potential of Egyptian youth, leading to direct job creation and higher income generation.
Tech-Driven Outreach and Financial Inclusion
Established in 2022, Erada Finance operates as a non-banking financial institution. The company was founded in partnership with Etisalat e&, the Sovereign Fund of Egypt and Amr Abou ElAzm. A core element of Erada’s operational strategy is its close collaboration with Etisalat e&.
By leveraging Etisalat e&’s advanced technology platforms and extensive physical branch network throughout Egypt, Erada is able to bring its financial services closer to its clients. This technological integration allows the institution to design innovative products that match specific client needs, ensuring a smooth, convenient and accessible experience for entrepreneurs who previously struggled to access traditional banking infrastructure.
Capital Strength and Banking Expertise
The financing partner, saib Bank, brings deep institutional experience to this agreement. Established on March 21, 1976, as the first joint Arab bank in Egypt under Investment Law 43 of 1974, the bank has grown significantly over the decades. Its issued and paid-up capital has increased from US$ 4 million in 1978 to a current US$ 150 million, distributed over 15 million shares, while its authorized capital stands at US$ 200 million.
As a full-service institution, saib Bank handles diverse commercial, investment and retail banking activities. The bank finances major economic projects across the industrial, real estate, agricultural and commercial sectors, alongside supporting Egyptian foreign trade. In addition to conventional short, medium, and long-term loans, credit facilities and savings instruments in both local and foreign currencies, saib also provides Sharia-compliant products through its dedicated Islamic banking branch.
