GB Corp launches SME lender 'Kredit'

Ahram Online , Wednesday 21 Jun 2023

GB Corp, the leading automotive company that ownsGB Auto and the non-bank financial services company “GB Capital”, announced the launch of 'Kredit,' a new SME lending company, according to a statement released on Wednesday.

GB Crop Logo.  Photo from the company w website

According to Managing Director Ahmed Emam, Kredit aims to bridge the financing gap for small businesses and provide the necessary expertise and support for their success.

He added, “By empowering SMEs, we aim to stimulate local production, boost employment rates, and drive business growth, all while fostering economic sustainability.”

According to the statement, SMEs make up over 75 percent of businesses in Egypt and provide substantial employment opportunities.

The World Bank estimates that SMEs account for 90 percent of businesses and over 50 percent of employment worldwide. In emerging economies, formal SMEs can contribute up to 40 percent of national income (GDP).

Kredit's launch aligns with GB-Capital's plan to expand its non-banking services in the Egyptian market.

With over 80 years of experience in the automotive industry, GB Corp operates in the Middle East and Africa, offering manufacturing, assembly, distribution, and after-sales services for various types of vehicles.

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