Banque Du Caire to double SME lending to 4 bln Egyptian pounds at year-end

Banque Du Caire, one of Egypt’s largest and oldest public lenders, is planning to double its financing for small and medium-sized businesses to 4 billion Egyptian pounds ($221 million) at the end of this year.

The SMEs portfolio at the bank currently stands at 2 billion pounds.

Banque Du Caire has recently launched six new products dedicated to support small contractors and manufacturers’ projects, its executive vice chairperson Soha Soliman told Amwal Al Ghad on Monday.

“We are continuing contact with the Egyptian central bank to solve all obstacles facing other banks while applying the 5-percent (SMEs) initiative.”  Soliman said.

The bank’s microfinancing portfolio has lately recorded nearly 1.5 billion pounds, she added, referring to plans to increase it to around 2 billion pounds at the end of 2017.

Banque Du Caire intends to sign a cooperation protocol with the National Council for Women, aiming to give Egyptian women more access to finance, Soliman stated.

Women’s access to Banque Du Caire’s microfinancing currently captures a 25 percent share approximately, the banking official added.