As Part of Ongoing Support for SMEs… Suez Canal Bank and oliv sign an EGP 30 million Credit Facility to Fuel SME Growth in Egypt
Suez Canal Bank and oliv announce the signing of an agreement for an EGP 30 million credit facility, dedicated to finance Egyptian small and medium-sized enterprises (SMEs). oliv is the first Egyptian company licensed by the Financial Regulatory Authority (FRA) to provide digital factoring services, and focuses on supporting SMEs. This step comes as part of the Bank’s continuous keenness to supporting the SME sector, which is a key pillar of economic growth and job creation in Egypt
The agreement reflects the Bank’s efforts to empower SMEs with fast and flexible financing solutions that enhance their ability to manage cash flow, expand their operations, and overcome working capital challenges. oliv offers a fully digital invoice financing product, enabling SMEs to access working capital funding within 48 hours
Shehab Zidan, Deputy CEO and Managing Director of Suez Canal Bank, said that this partnership reflects the Bank’s vision to support financial innovation and expand access to finance for SMEs, contributing to a more dynamic and resilient business environment
Hatem Sabry, oliv’s co-founder and Executive Board Member, stated that the facility marks a significant milestone in oliv’s mission to minimize the SME financing gap and enable new growth opportunities for thousands of businesses across different sectors. He added that oliv’s innovative business model supported by this partnership with Suez Canal Bank promotes financial inclusion in the Egyptian market
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