Egypt’s National Bank says SME portfolio jumped 470% in 5 years

The National Bank of Egypt, the country’s largest commercial bank, recorded a 470 percent growth in its SMEs portfolio over the last five years, vice chairman said Monday.

Mahmoud Montasser further told Amwal Al Ghad that NBE’s portfolio of small projects had jumped to 16 billion Egyptian pounds (US$2 billion) by the end of June 2015 versus 3.4 billion pounds by the end of June 2010.

NBE captures around 35 percent of the total volume of finances dedicated for the small and medium-sized enterprises in the Egyptian market, the banking official concluded.