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SMEs association, EDE sign deal to facilitate SME loans

SMEs association, EDE sign deal to facilitate SME loans

Cairo: The Egyptian Small and Medium-Sized Enterprises Association signed a cooperation protocol with the Export Development Bank (EXPA) of Egypt to facilitate loans to small and medium-sized enterprises (SMEs).

This falls within the framework of an initiative by the Central Bank of Egypt to offer loans at 5-7 percent interest rate to SMEs.

The bank's Board Chairperson Mervat Sultan underlined that the bank is keen on supporting SMEs and creating jobs for youths.

She said the bank gives priority to projects that would boost exports and magnify local production in the face of imports.

She added that loans to small enterprises represent 17 percent of the bank's lending portfolio.

Source: MENA 

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