Cairo – Mubasher: HSBC Egypt has launched a technology entrepreneurs lending programme for tech players that seek a global banking partner to scale up their business.
The EGP 1 billion initiative aims at helping companies in the fields of fintech, e-commerce, retail and mobility, health, education, as well as software to expand within Egypt’s digital economy, according to a recent press release.
The programme comes in line with the framework of the UN Climate Change Conference (COP27) that will be held in Sharm El-Sheikh next November. HSBC Egypt stated that enterprises with sustainable development embedded in business plans would be prioritised.
It is worth noting that Egypt’s technology eco-system ranked fourth in Africa in terms of company formation, hosting over 550 active startups since September 2021, according to the Egyptian start-up ecosystem report.
Todd Wilcox, Deputy Chairman and CEO of HSBC Egypt, said: “The exponential growth of venture capital funding in this market reflects the quality of local talent and the scale of the opportunity, which is why we have developed a dedicated lending initiative for technology entrepreneurs.”
Ali Taqi, Head of Commercial Banking at HSBC Egypt, noted: “This is the third [small and medium-sized enterprise] SME-focused growth initiative we have launched in recent months, following our Female Entrepreneur Lending Fund and our Foras Trade Fund, and demonstrates our commitment to supporting entrepreneurs on their global growth journeys.”
