Cairo – Mubasher: The Central Bank of Egypt (CBE) has launched several initiatives in the last years, leading to an unprecedented leap in the micro-enterprise funding portfolio, May Abulnaga, Sub Governor of CBE, was cited by the Middle East News Agency (MENA).
The micro-enterprise funding portfolio surged to EGP 47.1 billion at the end of December 2020, compared to EGP 6.4 billion in December 2016, Abulnaga said.
About EGP 27.8 billion of the total funding was provided directly and indirectly by banks, she noted.
The CBE is collaborating with relevant parties such as the Financial Regulatory Authority (FRA) and the Egyptian Federation for Financing Medium, Small & Micro Projects (EFFMSMP) to address the challenges facing the sector.
One of the initiatives launched by the CBE is requiring banks to allocate 25% of their loan portfolio to finance micro-, small- and medium-sized enterprises (MSMEs).
