Microfinance in Egypt exceeds LE19B in 2020

CAIRO – 28 February 2021: Microfinance activity in Egypt grew by 17 percent during 2020, raising the balance of funds to about LE 19.3 billion, from LE 16.5 billion in 2019, according to Financial Regulatory Authority (FRA).

FRA indicated in a report, Saturday, that the number of microfinance beneficiaries reached 3.2 million by the end of 2020, up from 3.1 million during 2019.

It stated in its report that the funding agencies increased their geographical spread through 2,840 financing outlets by the end of 2020, to cover most centers and cities of the republic, compared to 2,427 outlets in 2019.

Upper Egypt governorates captured 54 percent of the total number of microfinance outlets by 1299 outlets, bringing the share of the rest of the governorates to 1,128 outlets, by the end of 2020.