(Ecofin Agency) - State-owned Bank of Cairo signed with Micro, Small and Medium Enterprise Development Agency (MSMEDA) a loan agreement for an amount of EGP500 million ($30.9 million).
As part of this deal, Bank of Cairo will provide loans of up to EGP30,000 at affordable interest rates to about 50,000 microenterprises listed by MSMEDA. The money will be granted under the Bedaity financing project, an initiative of MSMEDA dedicated to the financing of micro-entrepreneurs.
In H1 2019, Bank of Cairo's loan portfolio increased by about EGP7 billion to EGP73 billion. Small and medium-sized enterprises (SMEs) captured 16% of this sum.
Let’s note that between January and September 2019, MSMEDA granted loans amounting to EGP2 billion to about 145,000 small businesses through public financial institutions and NGOs.