Banque Misr pumps 2.5 bln pound in CBE initiative for low income

Egypt’s Banque Misr has pumped 2.5 billion Egyptian pounds ($142 million) small and medium-sized enterprises (SME) customers as part of The Central Bank of Egypt (CBE) SMEs initiative for low income, vice chairman Akef El Maghraby.

The Central Bank of Egypt (CBE) obliged Egyptian banks to give out 20% of their total loans portfolio to small and medium enterprises (SMEs). This will provide 350,000 SMEs with EGP 200 billion in four years at 5% interest rate. The CBE’s statement included redefining SMEs to include companies that make EGP 50,000 in annual revenues.

He told Amwal Al Ghad that the SMEs portfolio has achieved a major breakthrough increasing to 8 billion Egyptian pounds.