Sisi approves FRA amendments of Microfinance Law to include SME financing
President Abdel Fattah El Sisi ratified Egyptian Financial Regulatory Authority (FRA) amendments to the law regulating microfinance activities to include small- and medium-sized enterprises (SMEs).
The amendments raise the maximum value of a micro-loan to a single company or project to EGP 200k from EGP 100k, according to a summary of the final draft by local press El Dostour. They should take effect once amended executive regulations for the law are published.
According to FRA Chairperson Mohamed Omran said that through the Law No. 201 of 2020, the authority developed an integrated regulation that allows non-traditional financing for SMEs.
He added that the law included organising the activity of financing micro, small, and medium enterprises (MSMEs) in a manner that guarantees the interests of the parties concerned.