IDB to provide EGP5 billion to SMEs in 2019

Egypt’s state-run Industrial Development and Workers Bank (IDWBE) seeks to pump 5 billion Egyptian funds of into small and medium-sized enterprises during 2019, according to Tarek Galal the Head of SMEs sector at IDWBE.

He told Amwal Al Ghad that  the SMEs portfolio has registered 2.7 billion Egyptian pounds by the end of November 2018, While the mico-sized enterprises exceeded one billion pounds.

Galal  further noted that the SMEs portfolio captures 27 percent of the credit portfolio in line with the Central Bank  of Egypt  requirements.

The Central Bank of Egypt (CBE) obliged Egyptian banks to give out 20% of their total loans portfolio to small and medium enterprises (SMEs). This will provide 350,000 SMEs with EGP 200 billion in four years at 5% interest rate. The CBE’s statement included redefining SMEs to include companies that make EGP 50,000 in annual revenues.