Microentrepreneurs receive LE 78.3B in funding: Central Bank of Egypt

CAIRO – 26 December 2023: The Central Bank of Egypt (CBE) announced that 4.7 million microentrepreneurs received funding worth LE 78.3 billion till June 2023 compared to LE 6.4 billion for two million microentrepreneurs in December 2016.

The announcement was made during the CBE’s participation in the second forum on information technology systems, which was organized by the Egyptian Federation for Financing Medium, Small and Micro Enterprises (MSMEF).

The forum reinforces the CBE’s vision to expand in medium, small and micro enterprises, by providing an opportunity for micro, small and medium enterprise financing entities to become familiar with all the rapid developments in the information systems and financial technology sector.

Earlier this week, Entlaq, a startup accelerator program and consultancy firm, announced that the total amount of the entrepreneurship ecosystem investments amounts to almost $2 billion between 2018 to 2023.

Entlaq released its first bi-annual Entrepreneurship Sector Diagnostics Report shedding light on Egypt's entrepreneurial ecosystem and laying the foundations for a deeper understanding of the challenges and opportunities faced by entrepreneurs, investors and players across the ecosystem.