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Finance in Motion investing $ 20 m in Benban Solar project
Finance in Motion is directly investing 20 million dollars in Egypt’s Benban Solar project, head of Finance in Motion’s Cairo office Mohamed Morsy said.
He made the remarks on Monday during the third edition of the Forum on Strategies for Transition to Green Economy which is organized by CSR Egypt.
He noted that the company has a portfolio of the assets under-management in Egypt of 250 million dollars.
He hailed the progress realized in Egypt in bankrolling small and medium sized enterprises (SMEs).
He noted that the company started in Egypt in 2014 and the situation was totally different. The banks were skeptical about extending creditlines for SMEs.
He said it took almost six to seven years to change the mindset of the banks which became aware of the importance of SMEs.
He noted, however, that the access of small agricultural projects to finance is very low and the company is collaborating with I Score in a big project in this regard.
It is working on tailoring a credit scoring model to be used for financial institutions to speed up the analysis of those projects.
Meanwhile, he noted said the company has operations in 45 countries spanning across Latin America, the Sub-Saharan Africa and the Middle East region and will expand to south east Asia.
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