Banque du Caire to double SME loan portfolio in 2018

CAIRO - 14 February 2018: Chairman of Banque du Caire Tarek Fayed said that the bank will double loans financing small- and medium-sized enterprises (SMEs) in 2018 within the framework of the Central Bank of Egypt's (CBE) initiative to expand SME loan portfolio.

In statements to MENA on the sidelines of the 2nd edition of the Egyptian Petroleum Show (EGYPS 2018), Fayed said Banque du Caire is proceeding with a plan to achieve this target that will in turn help develop the Egyptian industry and stimulate new industries that could help substitute imports and beef up exports.

The CBE is applying a monetary policy that serves its future visions and is compatible with the economic conditions and suits its plans regarding inflation, which the bank aims to reach acceptable rates, Fayed said.

As for the initial public offering (IPO) process of state-owned bank "Banque du Caire" on the Egyptian Stock Exchange (EGX) in 2018, Fayed said this decision is made by the bank's owner and it should be taken in coordination with the CBE at the appropriate time.