Tue, 23 Feb 2021 - 12:53 GMT
FILE - CBE
CAIRO – 23 February 2021: Banks granted credit facilities to companies and micro, small and medium enterprises (SMEs) worth LE 213 billion during the period from December 2015 to September 2020, according to the Central Bank of Egypt (CBE).
CBE indicated that 81 percent of the facilities has already been used for the industrial, agricultural and service sectors for 126,000 small and medium-sized companies, in addition to microfinance for more than 900,000 micro-clients.
The Central Bank of Egypt added that these financing come in contrast to the funding directed by banks to microfinance companies and associations, which amounted to about LE 14 billion and enabled them to reach nearly 4 million borrowers.
Upon the initiative of the President of the Republic, the Central Bank had issued several initiatives since 2015 to urge banks to provide the necessary financing for micro, small and medium enterprises at subsidized interest rates.