FRA increases the financing limit for micro-sized entities by 10%

The Financial Regulatory Authority (FRA) increased the maximum financing limit for micro-enterprises by 10 percent to LE 220,000 up from LE 200,000.

The decision will enable small and medium enterprise (SMEs) to have better access to finance developing their businesses to operate and promote production. This move will help SMEs expand their business volume and increase their competitiveness.

The FRA’s Board of Directors issued Resolution No. 98 of 2023 regarding increasing the maximum limit for financing from companies, associations and civil institutions to finance micro-projects.

The value of financing balances for medium, small and micro enterprises amounted to EGP 42 billion at the end of February 2023, compared to about 29 billion pounds at the end of February 2022.

The FRA also launched the first fund to invest in gold earlier this week, within its strategy to support the government’s efforts to enhance levels of financial and investment inclusion.

The investment certificates in the gold fund starts from EGP 10 and will be sold at Egypt Post branches.