Banque Misr announced Wednesday it will make LE120 million ($20 million) available for small enterprises in collaboration with the social fund for development.

The injection from Egypt's second largest public bank will be utilized to finance around 24,000 small projects set up by young graduates and citizens with limited income.

Funding per project will range from LE1,000 to LE25,000 and will be available throughout Banque Misr's vast branch network.

On 1 November Banque Misr along with National Bank of Egypt have raised interest rates on their Egyptian pound three-year certificate of deposits (CD) to reach 11.5 per cent from the current 9.5 per cent, effective 1 November.