Banks operating in the Egyptian market have submitted comprehensive outlines indicating financing procedures of small and medium enterprises (SMEs) to the Banking Supervision Department at the Central Bank of Egypt (CBE).
According to the stipulations issued in January, the banks were required to submit their proposals to the CBE’s Banking Supervision department by the end of February 2016.
The CBE’s January announcement mandated that banks must direct a minimum of 20% of their loan portfolio to finance SMEs within four years.
The Housing and Development Bank submitted their financial plan to the CBE after the bank’s board approved the measures, according to the bank’s chairman, Fathy El-Sebai.
The National Bank of Egypt (NBE) has also finalised and submitted its programme to the CBE, according the bank’s deputy chairman, Mahmoud Montasser.
The Faisal Islamic Bank of Egypt has also finalised its plan and has submitted it to the CBE, according to the bank’s deputy general manager of local investment, Sabri El-Bendary.