Microfinancier aims to fuel Egypt’s recovery - FT.com

An Egyptian microfinance company that specialises in lending to small and medium-sized companies is finding that its form of financing is gaining traction as emphasis shifts away from the country’s big business.

Ahmed El Bardai, the chief executive of Reefy, the country’s first private sector microfinance lender, expects Egypt’s next government to turn its attention to SMEs to boost the ailing economy, which is struggling under the pressure of a huge budget deficit and sliding gross domestic product. The SME sector accounts for more than 80 per cent of the country’s employment.

“The days of tycoon businessmen calling the shots are behind us,” says Mr El Bardai, who is the former chairman of Banque du Caire, Egypt’s third-largest public bank by assets. “I have no doubt in my mind that greater emphasis will be on micro and small business. I am sure the new government will give more priority to the poor; the previous one only saw growth through big business.”

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