Funding for Egyptian microenterprises skyrockets 1,123% in 6.5 years

Ahram Online , Monday 25 Dec 2023

Financing offered to Egyptian microenterprises surged by more than 1,123%, reaching EGP 78.3 billion in June 2023 from just EGP 6.4 billion in December 2016, according to a press release by the Central Bank of Egypt (CBE) on Monday.

The second forum of Information Technology Systems.
The second forum of Information Technology Systems. CBE.

 

The figure was released during the second forum on Information Technology Systems organized by the Egyptian Federation for Financing Medium, Small, and Micro Projects (EFFMSMP).

The event was attended by over 270 entities financing medium-, small-, and micro-sized enterprises (MEMEs).

During the event, the Central Bank of Egypt (CBE) was recognized for its efforts in supporting MEMEs.

In June, the CBE extended credit regulatory facilities approved for SMEs until the end of June 2024.

In 2021, the CBE directed the banking sector to increase allocations for MSMEs from 20 to 25 percent of their credit.

This decision was expected to pump about EGP 117 billion into the MSMEs sector by the end of 2022, according to a statement by the CBE.

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