Cairo – Mubasher: The National Bank of Egypt (NBE) appropriated EGP 28 billion ($314.02 million) for financing 47,000 small and medium-sized enterprises (SMEs) by the end of June 2016, the Chairman Hisham Okasha stated Tuesday.

Very small enterprises have been backed by EGP 3.3 billion ($370.1 million) in five months since the launch of the central bank's initiative for SMEs, Okasha said in a statement.

During the fiscal year 2015/16, the bank managed EGP 200 billion ($25.5 billion) to fund 18,000 SMEs, the statement revealed.

Around 77% of customers were granted loans to expand their established enterprises, while the other 23% was financed for launching their projects, he clarified.

Moreover, funds offered to expand already-established businesses reached EGP 28.55 million, while EGP 480 million was directed for new businesses, the Chairman added.  

Over the fiscal year 2014/15, the bank earned EGP 5.1 billion, higher 36% year-over-year from EGP 3.7 billion.