Banque Misr approves LE400m for SMEs

Banque Misr has approved an LE400m fund for 20 to 30 small- and medium-sized enterprise (SME) clients, according to an official from the bank.

The feasibility studies of the approved projects have been finalised. Funding is to be injected into projects in the agricultural and industrial sectors, with a higher percentage of the beneficiaries from the Cairo governorate.

The official further noted that the bank is currently studying funding a further 15 clients in the SME sector with LE100m. Final approval of the proposals will be provided by the end of the month.

The official also indicated that the bank is highly supportive of SMEs, and is seeking to expand financial support due to their important role in creating new youth job opportunities and increasing Egypt’s economic growth.

The bank seeks to increase its SME funding portfolio to LE3.5bln by the end of the current fiscal year. By the end of this month, the bank’s portfolio will be valued at approximately LE2.4bln.

Source: Daily News Egypt