By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt’s IDA gears up to provide its services for investors online
    Egypt’s IDA gears up to provide its services for investors online 
    March 29, 2023
    Egypt. Germany discuss promotion of cooperation in communications, digital transformation
    Egypt, Germany discuss promotion of cooperation in communications, digital transformation
    March 29, 2023
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    March 29, 2023
    Volatile trading on EGX amid anticipation of interest rate movement
    Volatile trading on EGX amid anticipation of interest rate movement
    March 29, 2023
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    March 29, 2023
  • Politics
    PoliticsShow More
    Ugandan president says peacekeepers will help stabilize eastern DR Congo
    Ugandan president says peacekeepers will help stabilize eastern DR Congo
    March 31, 2023
    Formes US President Donald Trump Is Indicted in New York
    Trump indicted in hush-money payment case
    March 31, 2023
    Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
    Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
    March 30, 2023
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    March 29, 2023
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    March 29, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Agricultural Bank of Egypt grants EGP 31bn in MSME loans during 2020
Share
Notification
Latest News
Ugandan president says peacekeepers will help stabilize eastern DR Congo
Ugandan president says peacekeepers will help stabilize eastern DR Congo
Politics
Formes US President Donald Trump Is Indicted in New York
Trump indicted in hush-money payment case
Politics
Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
Politics Opinion
Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Politics World
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Banking > Agricultural Bank of Egypt grants EGP 31bn in MSME loans during 2020
Banking

Agricultural Bank of Egypt grants EGP 31bn in MSME loans during 2020

Hossam Mounir
Last updated: 2021/02/24 at 3:56 PM
By Hossam Mounir 3 Min Read
Share
ABE Chairperson Alaa Farouk
SHARE

The Agricultural Bank of Egypt (ABE) allocated EGP 31bn in loans to micro-, small-, and medium-sized enterprises (MSMEs) during 2020, according to ABE Chairperson Alaa Farouk.

Farouk also said that 70% of the bank’s loan portfolio is directed to support and finance SMEs operating in the agricultural sector and related industries.

He added that the ABE aims to become one of the largest banks operating in the Egyptian market that finances MSMEs, and has placed this target at the head of its priorities and strategic plans.

He added that the bank is currently working on establishing and equipping 24 specialised credit units in governorate capitals to enhance the activity directed to the SME sector. These units will provide all financing and advisory services and economic feasibility studies for these enterprises, in order to support and enhance their capabilities.

Farouk emphasised that the Central Bank of Egypt (CBE) decision obliging banks to increase financing directed to SMEs is an important decision that will give a strong impetus to support the Egyptian economy.

It will mean more facilities are allocated, to ensure that financing reaches the market and creates millions of job opportunities for young people and achieve sustainable economic stability. It will also provide the opportunity for the informal economy to integrate into the formal sector, as part of the state’s initiatives to achieve financial inclusion.

Farouk said that this decision also represents an actual translation of President Abdel Fattah Al-Sisi’s directives to encourage financing of companies and MSMEs given. This is particularly given their strategic importance in achieving the economic growth of the state.

He stressed that the CBE will remain supportive of the national economy, with its successive initiatives aimed at developing the banking sector and enabling it to perform its role in the manner assigned to it.

It will also lead the banking system to contribute strongly to the revitalisation of the Egyptian economy, by launching a large number of initiatives in the areas of financing the industrial sector and supporting and financing projects.

He added that the CBE’s initiatives aimed at companies and MSMEs are the cornerstone for the development of this important sector of the national economy.

This is thanks to the policy of pricing these initiatives with a small diminishing return, indicating that the ABE is a fundamental partner in all these initiatives, based on its role in supporting this sector.

You Might Also Like

CBE to decide fate of EGP interest rate amid strong expectations of new rise

E-payment cards in banking sector increase to 57.475 million in 2022: CBE

IFC partners with Egypt’s CIB in managing climate risk, boosting sustainability

CIB general assembly approves issuance of financial instruments worth $1bn 

ABE expands banking services in South Sinai, opens newest branch in Sharm El-Sheikh

TAGGED: ABE, Agricultural Bank of Egypt, Loans, MSME
Share this Article
Facebook Twitter Email Print
Previous Article Tourism Ministry discusses Khufu Solar Boat transfer to Grand Museum
Next Article EIPICO targets 2023 start of Biosimilar Project with EGP 400-600m revenues in 1st year
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Ugandan president says peacekeepers will help stabilize eastern DR Congo
Ugandan president says peacekeepers will help stabilize eastern DR Congo
Politics
Formes US President Donald Trump Is Indicted in New York
Trump indicted in hush-money payment case
Politics
Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
Politics Opinion
Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?