Cairo – Mubasher: Small and medium-sized enterprises (SMEs) portfolios in banks and financial institutions has reached EGP 16 billion, according to the Central Bank of Egypt (CBE) sub governor Ayman Hussien.
The sub governor for payment systems and business technology sector added that the total number of beneficiaries has reached around 3 million clients.
Meanwhile, the United Bank’s vice president Nevine Kashmiri said that the bank plans to increase investments in financing SMEs, from its current level that stands at EGP 600 million.
Five banks recently achieved the target set by the CBE for the SMEs portfolio to reach no less than 20% of the total activity by 2020.
