SFD Financed More Than 18,000 SMEs In 2011

Social Fund for Development (SFD) has increased finances to small and medium enterprises (SMEs) by 250%, registering the highest level since 20 years despite the political unrest and economic and social deterioration Egypt witnesses, said Essam El-Korashy, head of SMEs Development Department at SFD.

The Fund financed more than 18 thousand SMEs and 65 thousand micro-enterprises last year, thanks to Egyptian banks including National Bank of Egypt, Banque Misr and Banque Du Caire who expanded in financing this sector.

The growth of SMEs depends on the development of investment atmosphere, legislative system and financial institutions, El-Korashy noted.

El-Korashy criticized the call for establishing a body to be responsible for SMEs, as SFD is given the right since 2004 to be the body responsible for registering and developing SMEs.

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