CBE Board Takes Measures to Ease SMEs FundingSource: www.export-egypt.com 1/11/2016, Location: Africa |
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The board of the Central Bank of Egypt (CBE) took several decisions to ease the funding of SMEs as a main contributor to production and investment sector of the Egyptian economy.
SMEs are a great tool to provide jobs to youths, reduce unemployment rates, improve income and GDP and encourage exports, the CBE said in a press release. A program in this regard will cover all of Egypt and benefit all segments to allow anyone who could contribute to developing the economy to have access to funding, it said. The CBE will help provide support to SMEs through a comprehensive program that will be applied through banks in cooperation with relevant State sectors to allow bank funding, it said. Instructions were given to banks to increase loans offered to SMEs to reach at least 20% of the banks’ loan portfolio in the coming four years, it said. The banking sector will pump 200 billion pounds in the form of new loans for SMEs, it said. |
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