Banque Misr: Small business financing hits 2 bln pounds

Egypt’s second largest state-owned lender, Banque Misr says its has increased its financing for small-sized businesses to around 2 billion Egyptian pounds ($110.5 million).

The bank is preparing a new strategy to boost its financing for micro, small, and medium-sized projects, Sherif Elbehery, Head of Small, Medium and Micro Finance Sectors at Banque Misr, told Amwal Al Ghad on Thursday.

Banque Misr’s microfinancing portfolio has recorded 1.3 billion pounds, including 600 million pounds for the government-led initiative to support micro-sized projects, Mashroak, Elbehery said.