Cairo – Mubasher: Suez Canal Bank has a total of 80 customers who are eligible for the Central Bank of Egypt’s (CBE) industrial funding initiative, the bank’s chairman Hussein Refaei said.
Total debt owed by these factories stood at EGP 500 million, Refaei added on the sidelines of Ahram Economic Conference on Sunday.
The CBE launched an initiative to support factories with debts worth less than EGP 10 million.
Suez Canal Bank’s small-and medium-sized enterprise (SME) loan portfolio grew by 77% year-on-year to EGP 1.15 billion, exceeding 10% of the bank’s total loan portfolio, Refaei revealed.
The bank has submitted a request to the CBE to extend the deadline for allocating a minimum of 20% of its loan portfolio for SMEs, he remarked.
Refaei added that the total value of assets transferred to the bank reached EGP 500 million.
