Banque Misr: CBE initiative helps achieving development, reducing unemployment

CAIRO - 16 September 2019: Chairman of Banque Misr Mohamed el-Etreby said that the the Central Bank of Egypt (CBE) initiative, which was launched four years ago, helped in achieving sustainable development and reducing the unemployment rate in Egypt.

Within the framework of the initiative, Banque Misr provides distinct financing schemes ranging from LE 1 million up to LE 20 at a 5 percent simple diminishing return to cater for the needs of the small- and medium-scale enterprises (SMEs).

During his participation in a workshop on financing SMEs in the Arab region, which is organized by the CBE and the Arab Monetary Fund, Etreby said that the CBE compelled banks operating in Egypt to allocate 20 percent of their loan portfolios to SMEs as part of its initiative.

He added that different measures taken by the CBE led to the success of the initiative.