Cairo – Mubasher: National Bank of Egypt loaned more than EGP1 billion to 1,734 enterprises during last March and February upon the framework of CBE initiative for small and medium-sized enterprises (SMEs), said the Chairman, Mahmoud Montasser.
Around 75% of customers was granted loans to expand their established enterprises, while the other 25% was financed for launching their projects, he added.
He clarified that total value of loans provided for SMEs and micro-enterprises amounted to EGP680 million, which represent 64% of the total allocated amount under CBE initiative.
Moreover, funds offered to expand already-established business reached EGP888 million, while EGP173 million was directed for new businesses, the Chairman said.
Earlier, Moody’s rated Egypt's banking loan volume given to SMEs at 5-10% of the banking loan portfolio at the present time.
