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Egyptian banks pump EGP 150bn in SMEs initiative in 3 yrs

Egyptian banks pump EGP 150bn in SMEs initiative in 3 yrs
There were 575,000 beneficiaries

By: Islam Fadl

Cairo – Mubasher: Egypt’s small and medium enterprises (SMEs) received a total of EGP 150 billion in a bank financing initiative between January 2016 and September 2019, the Central Bank of Egypt’s (CBE) deputy governor said on Monday.

The total number of beneficiaries amounted to 575,000 clients, deputy governor Gamal Negm said on the sidelines of a CBE conference.

Egyptian banks also extended around EGP 19 billion in a mortgage financing for 213,000 beneficiaries, within an initiative worth EGP 20 billion

A total of EGP 10 billion in working capital financing for medium-income was extended for 555 manufacturers, while the EGP 5 billion initiative to finance new machinery purchases had 315 beneficiaries.