Cairo - Decypha: The portfolio of small and medium businesses (SMEs) in Egypt has reached EGP 101 billion, the Governor of the Central Bank of Egypt (CBE), Tarek Amer, announced.
The statement was made on the sidelines of a conference on small and medium business, where Amer also highlighted the CBE’s plan to double SMEs financing to exceed EGP 400 billion in the upcoming period.
Rapid measurements were taken to support SMEs, due to its major role in providing job opportunities, the governor explained.
Around 16,000 companies have benefited from the presidential initiative to finance local SMEs, Amer highlighted, adding that he expects indices to improve as banks are creating SMEs finance specialized departments.
In December 2016, the Egyptian cabinet has approved the launch of an authority dedicated for the development of SMEs in Egypt.
