By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    September 21, 2023
    ABB allocates €13bn for green transformation by 2030
    ABB allocates €13bn for green transformation by 2030
    September 21, 2023
    DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
    DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
    September 21, 2023
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    September 21, 2023
    Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
    Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
    September 21, 2023
  • Politics
    PoliticsShow More
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    September 20, 2023
    Children dying in Sudan amid healthcare system collapse
    Children dying in Sudan amid healthcare system collapse
    September 20, 2023
    Egypt to announce presidential election timetable on Monday
    Egypt to announce presidential election timetable on Monday
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Microfinance increases to EGP 64.6bn in June 2022: CBE
Share
Notification
Latest News
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Business
Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University
Business
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 > Microfinance increases to EGP 64.6bn in June 2022: CBE
Business

Microfinance increases to EGP 64.6bn in June 2022: CBE

Hossam Mounir
Last updated: 2023/01/05 at 10:31 AM
By Hossam Mounir 2 Min Read
Share
Microfinance increases to EGP 64.6bn in June 2022: CBE
SHARE

The Central Bank of Egypt (CBE) has announced that the size of microfinance offered by banks and financial institutions increased to EGP 64.6bn for 4.5 million beneficiaries in June 2022, compared to EGP 6.4bn in December 2016.

In its recent financial stability report, the CBE indicated that it will continue to finance and follow up on the implementation of the institutional upgrade project for category “C” microfinance associations in cooperation with the International Finance Corporation (IFC) which aims to provide technical support to associations in order to raise their institutional capabilities and upgrade them to category “B”.

The CBE revealed that banks are obligated to increase the portfolio of loans and credit facilities directed to SMEs to reach 25% of their total credit portfolios, with the requirement that the percentage directed to small projects not be less than 10%.

It also pledged EGP 2bn to the credit risk guarantee company to cover part of the risks associated with financing SMEs.

In addition, the CBE said that banks operating in the Egyptian market pumped financing worth EGP 48.3bn to about 436,900 customers within the framework of the real estate financing initiative for low and middle-income individuals until the end of September 2022.

The CBE explained that this initiative will continue under the management of the Ministry of Finance.

There are two real estate financing initiatives, the first with a decreasing interest of 8% and the second with a decreasing interest of 3%, as the two initiatives continue with the reduction of the maximum support limit for the 8% initiative to EGP 15bn, and the continuation of the maximum limit for the 3% initiative at EGP 100bn, provided that the Ministry of Housing bears the cost of the interest rate difference and compensates banks for the price difference in the market.

You Might Also Like

Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company

ABB allocates €13bn for green transformation by 2030

DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups

Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo

Egypt, KOICA sign $8m agreement to enhance educational capacity of Beni-Suef Technological University

TAGGED: microfinance
Share this Article
Facebook Twitter Email Print
Previous Article Egypt net international reserves record 5-month high in December 2022 Egypt net international reserves record 5-month high in December 2022
Next Article Compass Capital joins race to acquire Pachin Compass Capital joins race to acquire Pachin
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
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?