FRA chairman says nano finance encourages new economic activities

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Sun, 28 Jun 2020 - 04:18 GMT

FILE- Chairperson of the Egyptian Financial Supervisory Authority (EFSA) Mohamed Omran

FILE- Chairperson of the Egyptian Financial Supervisory Authority (EFSA) Mohamed Omran

CAIRO - 28 June 2020: Chairman of the Financial Regulatory Authority (FRA) Mohamed Omran has stressed the importance of funding nano projects to help create jobs for youth, thus encouraging new economic activities.

Nano finance is thus one way of supporting certain segments of society, such as women and youth, to become a productive social power, Omran said in a statement Sunday.

The statement was released as the world marks the international day of SMEs, which was launched by the UN.

Omran put the value of the nano finance portfolio at about LE 18 billion by the end of March 2020.

Endorsed by the FRA board in November 2019, nano finance mainly depends on digital techniques and is meant to support most-in-need brackets, he noted.

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