Banque du Caire, Egypt’s third largest state lender, announced on Thursday that it had posted more than 1 billion Egyptian pounds for Engaz Loan product offered to very small enterprises since its launch.
The bank clarified that the list of activities targeted by Engaz includes all types of industrial, service, and commercial activities. The product has a minimum limit of 300,000 pounds and a maximum of 500,000 pounds in the case of new grants.
Additionally, Banque du Caire pointed out that the facility can be increased by up to 1 million pounds in the case of the customer’s regularity in repayment after a year from activation when presenting the customer’s facility status.
The loan tenor is 36 months, excluding a grace period of 30 days from the date of activation and availability of the loan. The loan disbursement period is within 7 working days.
Bank du Caire also announced that the percentage of facilities for MSMEs reached 31.8 per cent of the total credit facilities portfolio, explaining that the percentage of small projects rose to 11.7 per cent of the total portfolio.
