Kredit, which is part of GB Corp, a conglomerate owned by the family of late Egyptian automotive billionaire Raouf Ghabbour, has obtained EGP 875 million ($18 million) in financing from nine major financial institutions.
This money will help Kredit strengthen its position in Egypt’s growing small and medium-sized enterprise (SME) environment.
This strategic investment demonstrates Kredit’s dedication to increasing financial inclusion and helping the key SME sector, which the Egyptian government sees as critical to job creation and economic development.
As Kredit grows, it hopes to supplement these national initiatives by providing critical capital support to this critical section of Egypt’s economy.
Kredit CEO Ahmed Emam expressed confidence in the banking sector’s backing, saying, “This latest round of bank facilities reflects the banking sector’s rising confidence in our approach.”
Kredit has focused on small and medium-sized firms (SMEs) from its beginning, leveraging specialist skills to satisfy their specific requirements.
This strategic focus, combined with good portfolio management, positions Kredit as a major financial services company inside the GB Capital umbrella.
The freshly collected funds will be allocated to critical growth areas like as manufacturing, food production, renewable energy, and export-oriented firms that use local resources.
The new facilities will finance a variety of purposes, including capital development projects, export activities, transportation, and heavy equipment purchases.
Raouf Ghabbour founded GB Corp. in 1985, and it is a major player in the Middle East and North Africa’s automobile industry, with multiple subsidiaries. The Ghabbour family owns a controlling 63.4 percent share in the company.
In its most recent earnings report, GB Corp. reported a spectacular 78.4 percent rise in revenues, reaching EGP19.2 billion ($39.5 million) for the first half of 2024.
GB Capital has received a promotion and underwriting license from Egypt’s Financial Regulatory Authority (FRA), increasing its potential for expansion in the financial services industry.