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NBE offers EGP 65bn SME funding in FY18/19

NBE offers EGP 65bn SME funding in FY18/19
The CBE acquired a 20% stake in a credit risk guarantee company

Cairo – Mubasher: The National Bank of Egypt’s (NBE) small- and medium-sized enterprise loan portfolio rose by 32% year-on-year to EGP 65 billion in fiscal year 2018/2019, compared to EGP 49 billion, the bank’s chairman Hesham Okasha said.  

Loan portfolio under the Central Bank of Egypt’s (CBE) SME initiative grew by 49% year-on-year to EGP 37.5 billion offered to around 42,000 customers, compared to EGP 25.2 billion directed to about 26,000 customers in FY17/18.

As part of its efforts to support SMEs, the CBE acquired a 20% stake in a credit risk guarantee company that provides funding to SMEs, NBE’s vice chairman Yehia Aboul Fotouh said.