The Egyptian government is striving to support and strengthen small and medium enterprises and micro-enterprises by expanding their financing. In this regard, the Central Bank of Egypt presented good news to the owners of these projects, announcing the decision to renew the obligation of Egyptian banks to achieve 25% of their credit facilities portfolio to support and finance projects. Small and medium-sized companies and micro-enterprises, and 10% is directed to support small companies and enterprises.
Good news for owners of small and medium enterprises
The Central Bank confirmed that work has been renewed according to this system for an additional year, to end on December 11, 2023, instead of December 31, and this decision comes within the scope of the Central Bank of Egypt’s efforts to finance and support small and medium-sized companies and micro-enterprises, and encourage banks to continue to support These companies and their financing, which helps in improving economic growth.
The Central Bank indicated that, according to the circular dated February 22, 2022, which stipulated obligating banks to raise the portfolio of loans and direct and indirect credit facilities for micro and small and medium-sized enterprises from 20% to 25% of the bank’s credit facilities portfolio, and obligating 10% to be directed. including to support small companies and establishments, and the Central Bank of Egypt stressed the need for Egyptian banks to achieve these ratios until December 13, 2023, according to some conditions and controls.
The Central Bank of Egypt revealed that the number of micro-enterprises in Egypt has reached approximately 3.4 million, while the number of medium-sized companies has reached regarding 2,200, according to data and reports previously disclosed by the Central Bank of Egypt, and the number of small enterprises in Egypt has reached approximately 217. A facility.
