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Tuesday, 27 September 2016

Banking sector loans to SMEs reach 7% target of EGP 200 bn initiative

The banking sector’s loans to SMEs has reached 7% of the four-year EGP 200 bn target set out by the CBE in its SME-financing initiative, CBE Assistant Sub Governor Mai Abulnaga at the SME Beyond Borders forum yesterday, Al Ahram reports. On a related note, the CBE has allegedly been snubbing the House of Representatives’ requests to provide it with detailed information on the status of the program, chair of the House SME Committee Hala Abou Saad told Al Borsa. Both sides appear to agree at least that the program lacks coordination, with Abulnaga calling for a coordination committee be formed, while the House is drafting a law whereby a single body will be responsible for governing the SME sector.

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