Egypt’s United Bank To Boost SME Funding

Egyptian lender The United Bank plans to inject around EGP 1 billion (USD 140 million) in its SME loans portfolio, raising it to EGP 1.5 billion in 2014, Chairman Mohamed Ashmawy told Zawya.

“The small and medium-sized enterprises sector is one of the promising sectors in the Egyptian market, especially in light of the expected growth in the Egyptian economy in coming years,” he said.

Ashmawy said Egypt had the strong workforce, raw materials and business environment needed to support growth in the SME sector.

The bank’s portfolio for new loans currently stands at EGP 5 billion, of which EGP 500 million are earmarked for SMEs and EGP 100 million for real estate funding, according to the chairman. Assets stand at EGP 20 billion.

The Central Bank of Egypt owns 99.9 percent of the bank, which has paid-in capital of EGP 1 billion.

Source : Zawya