By: Eslam Fadl
Cairo – Mubasher: Banque Misr’s microenterprise financing portfolio amounted to around EGP 3.7 billion by the end of March; including EGP 3 billion in direct funds and EGP 700 million indirect financing for corporates and associations, the head of the bank’s SMEs and microfinance department said.
Egypt’s second largest state-run bank has pumped around EGP 3.3 billion into the national initiative ‘Mashro’ak [Your Project]’, Sherif El-Behery told Mubasher on Sunday.
El-Behery indicated that National Bank of Egypt (NBE), Banque Du Caire, Housing and Development Bank, Agricultural Bank of Egypt, and Bank of Alexandria have taken part in the initiative.
He also unveiled that Banque Misr’s small- and medium-sized enterprises (SME) portfolio reached EGP 20 billion at the end of March, targeting EGP 23 billion by the end of fiscal year 2018/2019.
Banque Misr plans to invest EGP 1.5 billion in SMEs in the meantime, he added.
Translated by: Mai Ezz El-Din
