Egypt’s state-run lender Banque du Caire‘s small and medium-sized enterprises (SMEs) portfolio rose 80 percent to 4.1 billion Egyptian pounds ($233.7 million) at the end of 2018, its chairman Tarek Fayed said on Monday.
Fayed added that SMEs were the backbone of the national economy for achieving growth and providing jobs, which is compatible with the government’s and the Central Bank of Egypt’s (CBE) directions.
Banque du Caire is working on developing new solutions and financing programmes based on the value chain that suits different projects and economic activities that support Egypt’s economy by focusing on the industrial and agricultural sectors, the top official added in a statement.
The chairman further said that Banque Du Caire has participated in the Nilepreneur initiative organised by the Nile University along with several banks and universities to bolster entrepreneurship and SMEs in Egypt.
Banque Du Caire has set up three centres to support entrepreneurs within the framework of the initiative to provide some business development services in the governorates of Beheira, Monufia, and Assiut, he indicated.
