SMEs portfolio at Banque Du Caire captures 20 %
The bank's SMEs portfolio amounted to 8.16 Egyptian billion pounds by the end of June 2020.
Small and Medium Enterprises portfolio in Banque du Caire (BDC) captures 20 percent of the bank’s credit portfolio incompatible with the Central Bank of Egypt SMEs initiative, according to Nader Saad, Head of SME Banking.
Saad added that the bank’s SMEs portfolio amounted to 8.16 Egyptian billion pounds by the end of June 2020.
He added that direct and indirect credit facilities for the SMEs amounted to 18.3 billion pounds at the end of June 2020
In 2016, the CBE announced an initiative to finance SMEs. Under the initiative, 20 per cent of bank loans should be allocated to SMEs within four years.
The banks were to offer around 200 billion pounds to finance 350,000 companies and thus create job opportunities for more than four million people.
Interest rates was less than the five per cent on loans given to youth initiatives. The banks participating in the four-year program was able to deduct the loans from their required reserves at the CBE.
