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FINANCIAL NEWS
Egypt’s EGBANK inks USD20mn loan deal to finance SMEs
23 May 2017
(MENAFN) EGBANK has inked a loan deal with the European Investment Bank in order to get an USD20mn loan to finance small and medium enterprises (SMEs).
The loan is projected to help the country’s SMEs initiative, launched by President Al-Sisi in 2016, to offer EGP200bn in loans to small and medium-sized firms.
In addition, SMEs show the majority of active private enterprises in Egypt and contribute 75 percent of whole employments, access to financing remains a key concern.
Moreover, the bank’s loan portfolio reached EGP18.95bn last year, marking a 130 percent increase compared to December 2015.
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MENAFN2305201700450000ID1095502669
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