CBE: LE 140B allotted to support small, medium-sized enterprises

CAIRO - 20 June 2019: The banking sector has allocated some LE 140 billion to support micro, small and medium-sized enterprises as part of an initiative launched by the Central Bank of Egypt (CBE) in 2016, CBE deputy governor Lobna Helal said on Thursday.

The CBE-funded Nile Pioneer initiative contributed to securing thousands of jobs, Helal added.

She made the remarks during the inauguration of the first business development center established by Attijariwafa Bank-Egypt.

Delivering a speech at the event, Helal noted that the CBE aims to increase the number of these centers to 30 ones by the end of 2019, asserting the move shows the banking sector's effective participation in backing the state's efforts to promote entrepreneurship, mechanization and technological transformation.

In 2016, the CBE had initiated a four-year initiative to encourage banks to finance micro, small and medium-sized projects, through allotting 20% of their loans' portfolio, at a total value of LE 200 billion.