CBE: 4.7 Million Microentrepreneurs Received Finance of EGP 78 BnSource: www.export-egypt.com 12/25/2023, Location: Africa |
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The Central Bank of Egypt (CBE) announced that some 4.7 million microentrepreneurs received a finance of EGP 78.3 billion till June 2023 compared to a finance of EGP 6.4 billion for two million microentrepreneurs in December 2016.
The announcement was made during the CBE’s participation in the second forum on information technology systems, which was organized by the Egyptian Federation for Financing Medium, Small and Micro Enterprises (MSMEF). The forum was attended by more than 270 entities for funding micro, small and medium enterprises, as well as local and Arab information technology companies and the Egyptian Credit Bureau (I-SCORE). During the forum, Mai Aboul Naga, the CBE’s first deputy governor, received a shield from the MSMEF, in recognition of the bank’s efforts in supporting microprojects. The Egypt Financial Supervisory Authority and the Egyptian Credit Bureau, as well as other companies were also honored for their role in financing medium, small and micro enterprises. The CBE’s efforts included digitizing transactions for companies and associations specialized in funding microenterprises and enhancing the shift from cash transactions to non-cash payment methods in lending and payment operations by associations and companies that contract with banks as a banking agent, which enables them to issue cards and electronic wallets to their customers. |
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