Banque Misr aims to increase the size of its small- and medium-sized enterprises (SMEs) loans to reach EGP 30bn in the next few years, in line with the initiative launched by the Central Bank of Egypt (CBE) earlier this year. According to a statement by the bank issued on Thursday, the bank also plans to expand geographically across governorates through establishing banking units specialising in SMEs in all branches. The bank currently has 117 banking units specialising in financing SMEs in various provinces, with plans to increase the number to 250, besides 200 units specialising in financing micro-enterprises. Last week, the bank launched several new financing programmes for companies, factories, laboratories, private hospitals, medical centres, schools, and private universities nationwide. In these programmes, 75% of the funding is directed at machinery and new equipment, and 60% at used ones.

Source: Daily News Egypt October 16, 2016 06:56 UTC