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Monday, January 11, 2016
Small and medium business (SMEs) in Egypt will see an increase in funding as the government instructs the central bank to launch a loan program. Egyptian president Abdel Fattah al-Sisi instructed the central bank to have the banking sector inject an estimated $25 billion to support SME growth.
“I have assigned the central bank to make the most of the banking sector to implement a comprehensive program to support small and medium businesses,”Sisi said, adding that loans SMEs businesses over the next four years will not be less than 20% of all loans issued.
Al-Sisi expects the SME program to promote growth and help in bringing down the country’s high unemployment rate.
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