Banque Misr Injects EGP 500 Mln To SMEs Portfolio In FY 2012/13

Banque Misr targets to inject EGP 500 million to small and medium enterprises (SMEs) raising the value of SMEs portfolio to EGP 1.5 billion in the current fiscal year, up from EGP one billion at the end of FY 2011/2012 ended on June 30^th, 2012.

The bank signed finance contract worth EGP 200 million with the Social Fund for Development (SFD) at the end of 2011, but it did not sign any contracts with SFD in the current year, sources said.

The bank’s main priority is financing SMEs in the upcoming period because of its key role in increasing national economy and providing job opportunities, sources added.

The Central Bank of Egypt (CBE) has played an important role in supporting SMEs through creating the first database for 36,000 SMEs.