Banque du Caire - File photo
CAIRO, Oct 26 (MENA) - Chairman of Banque du Caire Tarek Fayed and Executive Director of Micro, small and medium-sized enterprises (MSME) Development Agency Nevein Gamea signed a contract on "Bedayati-4" project to finance a number of micro projects worth EGP 500 million.
In a statement released on Friday, Gamea said the project comes as part of the state's plan to provide concessionary financing for micro-businesses and encourage young people and women to set up such projects.
She added that the state is keen on backing micro enterprises, as they greatly contribute to securing jobs to different categories of society, which could lead to increasing production and income and enhancing citizens' standards of living, the statement added.
The two sides will fund around 50,000 micro projects across the nation, she noted.
Some 25% of these project will be allocated for women, she said.
On his part, Fayed said the Banque du Caire has a vast experience in financing micro projects, citing that small business loan portfolio at the bank reached EGP 6.5 billion.
He added that the portfolio is expected to hit EGP 7 billion by the end of 2019.
Fayed noted that the bank adopted a strategy to launch technology-based banking services for micro-enterprise clients.