Banks provided financing worth EGP17bn to SMEs and micro enterprises in 9 months: CBE

Hossam Mounir
2 Min Read

Banks provided financing estimated at EGP 17bn for small- and medium-sized enterprises (SMEs) and micro enterprises from January until September, according to Lobna Helal, deputy governor of the Central Bank of Egypt (CBE).

Helal explained in a report issued by the CBE on Tuesday that the funding was part of an initiative launched by the CBE in early 2016 in order to enhance the economy and eliminate unemployment. She noted that the loan portfolio of these projects has achieved a growth rate of 24% during the mentioned period.

Helal said that the number of facilities that obtained financing from banks from January to September is nearly 15,000.

Gamal Negm, deputy governor of the CBE, announced that the new certificates recently issued by the bank for the period of three years with an annual return of 16%, and for the period of 18 months with an annual return of 20%, having attracted new deposits from outside the banking system valued at EGP 64bn.

Negm noted that this matter supports the achievement of financial inclusion through increasing the number of clients’ accounts and allowing societial segments into banks, as well as encouraging them to manage their funds and savings properly.

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