Arab Finance: The Central Bank of Egypt (CBE) has extended the deadline for banks to dedicate 25% of their loan and credit portfolios to finance micro-, small-, and medium-sized enterprises (MSME) for another year that ends on December 31st, 2024, according to a press release on January 18th.

The banks shall also direct 10% of these portfolios to finance companies and small-sized enterprises for an additional year.

Accordingly, the banks have the right to fulfill all the guarantees matching with the granted credit facilities in light of the credit studies conducted for clients, as well as obtaining cheques if necessary.

This comes in accordance with the CBE’s circular letter dated February 22nd, 2021, obliging banks to increase their portfolios of loans and credit facilities for MSME by 20% to 25%, of which 10% shall be directed to finance companies and small-sized enterprises.

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