The United Bank has allocated EGP 200m to finance small and micro enterprises through a new service offered by the bank called Intlaka, according to chairperson of the bank Ashraf El-Kady. El-Kady said that launching this service comes within the framework of activating the initiative posed by the Central Bank of Egypt (CBE) last week to stimulate the micro-enterprise sector. It also comes within the framework of strengthening the role of the small and micro enterprises sector in increasing the production of local components​ and, thus, achieving a boom in the Egyptian industry and local output, he added. He explained that the Intlaka programme provides customers with a number of specialised financing solutions in most economic, service, commercial, and productive activities, either in traditional financing methods or in accordance with Sharia Law. He pointed out that the United Bank aims to develop the Egyptian industry based on small, medium, and micro industries serving the main industry to move the economy.

Source: Daily News Egypt May 29, 2017 05:48 UTC