Banque Du Caire earmarks 1.5 bln Egyptian pounds for SMEs

Egypt’s third biggest public lender, Banque Du Caire seeks to pump more finances in favour of small and medium-sized businesses in the country, its chairman Mounir El Zahid announced Thursday.

The bank has allocated 1.5 billion Egyptian pounds ($169 million) to finance SME projects in the next six months, El Zahid said.

Throughout 2015, Banque Du Caire had secured loans worth 2 billion pounds in favour of SME projects, the banking official said.

“Financing SMEs is one of our top priorities in Banque Du Caire’s 2016 strategy.” El Zahid said.