Fathy El-Sebai, the chairperson of the Housing and Development Bank (HDB), said that his bank’s small- and medium-sized enterprises (SMEs) loan portfolio reached about EGP 1.357bn at the end of September. According to El-Sebai, the bank believes that SMEs form a huge sector, which includes millions of projects, but its financial coverage is very limited. He continued that the bank injected EGP 2bn under the CBE initiative to finance the housing projects for low- and middle-income individuals. Most real estate companies have suspended sales of residential and administrative units after the flotation of the pound. He pointed out that the size of the bank’s donations to these parties reached about EGP 25m in 2016.

Source: Daily News Egypt December 04, 2016 06:15 UTC