LE 7.12B value of micro funding activities by end of 2017: Omran

CAIRO - 18 February 2018: Egyptian Financial Supervisory Authority Chairman Mohamed Omran said Sunday micro funding is still achieving positive results after three years of issuing a law that regulates micro funding activities in Egypt.

He referred to reports that micro funding reached more than LE 7.12 billion by the end of 2017 with a growth rate of 59 percent, compared with the same period in 2016 when the figure was LE 4.49 billion.

The growth in the value of micro funding has reflected positively on the number of beneficiaries to reach around 2.260 million clients with a 24 percent increase by 2017, compared with only 1.8 million clients by the end of 2016, Omran said in a statement.

The map of funded commercial activities monitored a progress of 61.4% in market quota with funding value worth LE 4.37 billion serving 1.51 million clients, he added.