The Central Bank of Egypt (CBE) initiative to finance micro, small, and medium-sized enterprises (MSME) provided about EGP 181bn between January 2016 and March 2020.
The initiative was launched by the CBE in January 2016, under the guidance of President Abdel Fattah Al-Sisi. It has achieved a record volume in facilities and loans granted, and the number of beneficiaries, by the end of March 2020.
The figures published by the Middle East News Agency (MENA) also revealed that a total of about EGP 1.44m was given to 374 individuals as beneficiaries.
The statistics show that the volume of funds obtained by small enterprises reached EGP 97.5bn at the end of March 2020, obtained by 107,000 beneficiaries.
The volume of funds that went to medium-sized projects and enterprises amounted to EGP 57.3bn, directed to about 8,000 beneficiaries. The amount of funding for micro-enterprises reached EGP 26.2bn, for about 930,000 citizens and businesses.
The CBE issued an initiative on 6 January 2016 under the directive of Al-Sisi, to finance companies and MSMEs with a decreasing 5% interest.