Banque Misr eyes SMEs funds portfolio to reach $2.5bn in 4 years

Egypt’s Banque Misr targets funding portfolio for Small and Medium-sized Enterprises (SMEs) to hit 20 billion Egyptian pounds (US$2.5 billion) during the upcoming four years, Chairman Mohamed El-Etreby said Wednesday.

Speaking to Amwal Al Ghad, the chairman stated that Banque Misr – Egypt’s second largest public sector bank- is planning to boost finances for SMEs to represent 20 percent of its total credit portfolio by the end of the coming four years.

This comes as pursuant to the initiative launched recently by the Egyptian Central Bank (CBE).

El-Etreby stated that SMEs have the potentials for providing job opportunities to shrink unemployment rates with small capitals. Additionally, SMEs take part in boosting the GDP.

Banque Misr has announced that SMEs loan portfolio has been increased to 5.3 billion pounds in June 2015 opposed to 3.5 billion pounds in June 2014, registering 56 percent increase.