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Misr Banque is holding talks to extendEGP500mln to SMEs

Thursday 27 December 2018 11:28 PM

Banque Misr
Banque Misr

By Sayed Badr

Small and Medium Enterprise Development Authority is holding talks with Misr Banque to get new financing worth EGP500mln which will subsequently be loaned to clients, according to head of SMEs Division at Misr Banque Sherif El-Behery.

" Misr Banque's SMEs portfolio amounts to EGP14.5bn and may reach EGP15bn or EGP20bn late December," said he.

Misr Banque has changed lending policy through empowering branches to extend  less than EGP1.5mln loans, and making the youth better aware of the best way for incorporating their own businesses under the Central  Bank of Egypt-sponsered Initiative  "Nile Pioneers."

Misr Banque's SMEs' portfolio comprises 12.7 percent of its total credit portfolio up from 2 percent earlier in December 2015, he said, predicting the portfolio to jump to 20 percent by 2020.

Under protocols clinched by Misr Banque for  financing industrial cities, more than EGP100mln funding has been injected, on top of EGP30mln that has been appropriated to Damietta City, he said, expecting more clients to ask for loans earmarked for Damietta Furniture City when the government kicks-off delivering workshops to beneficiaries.

  SMEs' portfolio of Misr Banque finances enterprises in industry, services, commerce and contracting by 25 percent each.

Misr Banque lifted volume of its monthly financing to EGP1.3bn up from EGP150mln.

Funding earmarked to micro-enterprises is the biggest among Misr Bank's lending, he added, noting that out of the  13,000 borrowing requests, 7000 to 8000  won approval of the bank.