Cairo – Mubasher: The Central Bank of Egypt (CBE) issued a decision requiring banks to raise the share of loans directed to micro, small, and medium enterprises (MSMEs) to 25% of their total loan portfolio from 20%.

This decision will increase funding directed to this sector by EGP 117 billion for 12,000 MSMEs by the end of 2022, the CBE said in a statement on Monday.

Banks are required to allocate 10% of their loan portfolio to small enterprises which will add EGP 55 billion in funding to these enterprises by the end of next year.

From December 2015 until September 2020, the total value of credit facilities provided by banks to MSMEs reached EGP 213 billion.