Egypt’s Financial Regulatory Authority (FRA) increased the maximum limit of financing provided to micro-sized enterprises from 100,000 pounds to 200,000 pounds.
The decision was made to help the emerging projects increase their activities, which would contribute to creating more job opportunities for youth.
In a statement on Wednesday, the FRA said that its board of directors approved a draft amendment on some provisions of law No. 141/2014 on regulating micro credit provided to micro, small and medium enterprises in order to allow entrepreneurs to benefit from the offered financial services.
The draft amendment will be presented to the prime minister for approval, the statement read.
Egypt approved the microfinance law in May 2014. The law aims to regulate microcredit provided by non-bank financiers, putting them under the supervision of the FRA.