Egypt’s Agricultural Bank studies injecting EGP1.5bln into SMEs

Egypt’s main agricultural lender, the Egyptian Agricultural Bank is studying the possibility of pumping funding of 1.5 billion Egyptian pounds into 25 small and medium enterprises, its Vice chairman, Tamer Gomaa  told Amwal Al Ghad.

He further added that the bank has successfully injected finances of 960 million pounds into 15 SMEs during the last six months. In addition, the bank has offered finances between 5 million pounds and 50 million.

Gomaa noted that the bank’s credit portfolio exceeded 30 billion pounds by the end of June 2019 surpassing  the target by 120 percent.

He also pointed out that the  bank’s credit sector has been restructured to help finance small and medium enterprises and institutions with regard to agricultural activities, animal  and fish production and  as part of  the Central Bank of Egypt initiative to finance small and medium enterprises with an interest rate of 5 percent.

The micro and small finances capture 60-70 percent of the total credit portfolio with  total funding of 17 bilion pounds, Gomaa added.