The Credit Guarantee Company (CGC) and the Egyptian Union of Microfinance have signed a cooperation protocol under the sponsorship of the Central Bank of Egypt (CBE) and the Egyptian Financial Supervisory Authority (EFSA) with the aim of qualifying 25 civil associations from category C to B, according to EFSA’s classification. According to Zo El Fokkar, head of the Egyptian Union of Microfinance, the associations in class C are those whose microfinance portfolio is less than EGP 10m. The number of these associations in Egypt is 721, with portfolios of EGP 392m and 124,000 clients. Class B includes companies whose microfinance portfolio ranges from EGP 10m to less than EGP 50m. The head of the union said that the protocol includes enabling these 25 chosen associations to obtain necessary financing from banks with the supervision of the CGC.

Source: Daily News Egypt May 28, 2017 14:48 UTC