CAIRO - 15 March 2022: The Central Bank of Egypt (CBE) announced that the increase in the bank’s financing portfolio for medium, small and micro projects during the last five years by around 250 percent to exceed LE 316 billion by the end of December 2021.
It also achieved a growth of 23 percent during the years 2020 and 2021 over straight despite the Corona pandemic, according to the CBE.
This came during Mostafa Mounir’s, Director of the General Administration of Small, Medium and Micro Enterprises at the CBE speech before the Conference on the Future of Small and Medium Enterprises Vision 2030 organized by the Union of Arab Banks.
Mounir added that the Central Bank is working in cooperation with various state agencies to increase the sector’s contribution to the gross domestic product (GDP) from 45 percent, which will reflect positively on economic growth rates.
He added that the CBE issued many initiatives and measures supporting the small, medium and micro enterprises sector, starting at the end of 2015, the most important of which is the issuance of the first definition of small and medium enterprises, which has now become the basic national definition in the Small and Medium Enterprises Law.