Misr Iran Bank injects 500 mln as part of SMEs intiative

Egypt’s Misr Iran Development Bank (MIDB) has injected 500 million Egyptian pounds($28 million) as part of Central Bank of Egypt SMEs initiative, Amr Tantawy Managing Director.

The portfolio of small and medium enterprises has increased to 1.5 billion pounds by the end of 2017, registering 20 percent of the total value of credit portfolio.

He added that the bank aims to achieve growth rate of 20 percent during 2018, of which 70 percent will be directed to the small and medium projects

The Central Bank of Egypt (CBE) has allocated EGP 5 billion ($647 million) for the banks to loan to medium sized enterprises in the industrial and agricultural sectors.

The loans will be given to performing clients at a 7 percent reduced interest rate over periods of up to 10 years to finance new machinery, equipment, and production lines.

The nationwide programme aims to finance 350,000 businesses, creating 4 million new jobs during that period, according to the CBE.