CBE recognized for its unwavering support of local MSMEs

Cairo – December 25, 2023: The Central Bank of Egypt (CBE) was awarded for its dedication to Egypt’s micro, small, and medium enterprises (MSMEs) by the Egyptian Federation for MSMEs, emphasizing the bank’s transformative impact within the industry.

In a Monday statement, the CBE shared that First Deputy Governor of the CBE Mai Abu El-Naga was presented with a shield of honor by the federation in appreciation of the central bank’s efforts and support to Egypt’s MSMEs.

Noting the various measures and initiatives implemented to strengthen the sector, the CBE highlighted the increased financing to micro-enterprises.

In June 2023, financing to micro-enterprises reached approximately LE 78.3 billion, benefiting 4.7 million recipients, the central bank explained, compared to LE 6.4 billion provided to 2 million beneficiaries in December 2016.

In addition to the CBE, the federation recognized key contributors to the sector’s success, including the Financial Regulatory Authority and the Egyptian Credit Bureau, along with companies and associations.

According to the CBE, the forum provides a platform for financing entities to stay up-to-date on developments in information systems, financial technology, and loan follow-up programs, and explores advanced technological solutions in the Egyptian market, presenting challenges and solutions to facilitate smoother operations.

The CBE's participation in the forum underscores the bank's commitment to supporting medium, small, and micro enterprises, it wrote, highlighting their role in advancing the national economy, providing job opportunities for youth, reducing unemployment rates, and fostering financial inclusion.