almal > RightWingAd
almal > LeftWingAd

Misr Banque to receive EGP400mln to re-inject into micro enterprises

Wednesday 12 September 2018 05:02 PM

Banque Misr
Banque Misr

By Ahmed El-Dosouky
Egypt's Micro, Small & Medium Enterprises Development Agency is set to sign a  deal with Misr Banque to re-inject EGP400mln into MSMEs.
" MSMEDA will sign another contract worth EGP500mln with Banque Du Caire in the upcoming period," said chairperson of the agency Niveen Badr El-Deen,
The agency seeks to increase its portfolio to EGP3bn by late 2018 on the heels of  EGP1.5bn that has been pumped into MSMEs in the first half of 2018, she continued, adding that  the agency is collaborating with the local banks of the National Bank of Egypt, Misr Banque, Banque Du Caire, Industrial Development & Workers Bank of Egypt and the Agricultural Bank of Egypt.
Financing funneled by the agency last month into  NBE and IDWBE and ABE demonstrate how committed it is toward shoring  up micro, small, & medium-sized enterprises in Egypt.
" Nogetiations are ongoing with other banks to re-inject extra funds into MSM enterprises and associations which rose to 6 and 900 respectively, as I predict  contracts worth EGP15mln to be sealed with 10 associations  in the next few days."
Chairperson of the Egyptian Federation of Micro-financing Mona Zu El-Fakkar had said that the existing micro-finance portfolio in local market  soared by 106 percent to  EGP15.6bn by the second quarter of this year up from EGP7.5bn a year earlier.
Beneficiaries of micro-financing  surged by 33 percent to 2.9mln clients up from 2.1mln by the second quarter of 2017, whereas women received 52 percent of total financing.
With the aim of creating more job opportunities among the most vulnerable segments of society, the Egyptian Financial Supervisory Authority unleashed back in November 2014 Egypt's first law regulating micro-sized enterprises