(Ecofin Agency) - Between December 2017 and May this year, the loan portfolio granted by Misr Bank to SMEs grew by 31% to EGP10 billion ($558.3 million) from EGP8 billion ($446.7 million).

According to the Vice President Akef El Maghraby (photo) relayed by local media, 70,000 SMEs will benefit from the resources. The outstanding loan will reach EGP25 billion by the end of the 2018-19 financial year and EGP45 billion the following year.

Back in November 2017, Misr Bank reported that it was negotiating a loan of $500-700 million with an international financial institution as to grant higher loans to customers and SMEs.

Chamberline Moko