The Central Bank of Egypt (CBE) has announced that the size of microfinance offered by banks and financial institutions increased to EGP 64.6bn for 4.5 million beneficiaries in June 2022, compared to EGP 6.4bn in December 2016. It also pledged EGP 2bn to the credit risk guarantee company to cover part of the risks associated with financing SMEs. In addition, the CBE said that banks operating in the Egyptian market pumped financing worth EGP 48.3bn to about 436,900 customers within the framework of the real estate financing initiative for low and middle-income individuals until the end of September 2022. The CBE explained that this initiative will continue under the management of the Ministry of Finance. © 2022 Daily News Egypt.
