Microfinance in Egypt grows by 19% in 1 year recording LE93B

CAIRO – 15 October 2024: Chairwoman of the Egyptian Federation for Funding Medium, Small and Micro Enterprises Mona Zulfacar stated that the size of microfinance grew by 19 percent in June on year-on-year basis recording a total of LE93 billion up from LE78.3 billion.

The funds are provided by microfinance enterprises, NGOs and banks. The number of customers of microfinance enterprises grew by six percent to record 1.9 million in June 2024 up from 1.8 million. The amount they funded also spiked by 36.3 percent to hit LE36.3 billion.

As for NGOs licensed by the Financial Regulatory Authority, the size of loans disbursed hiked by 25 percent to record LE19.9 billion with a number of customers amounting to 1.8 million. Speaking of banks, they funded 773,000 customers with a total of LE37 billion.

In respect of small and medium businesses, funding enterprises served 8,000 customers by June 2024 up from 3,600 by June 2023, financing them with LE8.9 billion up from LE3.2 billion.