Export Development Bank SMEs portfolio posts 3.2 bln pounds in 2018

Export Development Bank of Egypt’s small and medium-sized enterprises portfolio has reached 3.2 billion Egyptian pounds by the ends of March 2018 compared to 2.9 billion pounds by the end of 2017 according to its Chairman Mervat Sultan.

The portfolio includes funds  in the Central Bank of Egypt initiative for SMEs with interest rate of 7 percent and 5 percent, she added.

On the other hand, The Egyptian Small and Medium-Sized Enterprises Association signed a cooperation protocol with the Export Development Bank of Egypt to facilitate loans to small and medium-sized enterprises (SMEs).

The cooperation protocol falls within the framework of an initiative by the Central Bank of Egypt to offer loans at 5-7 percent interest rate to SMEs.

She said the bank gives priority to projects that would boost exports and magnify local production in the face of imports.

She added that loans to small enterprises represent 17 percent of the bank’s lending portfolio.