FRA raises financing limit for micro enterprises
Updated 5/16/2023 8:39:00 AM
Arab Finance: The Financial Regulatory Authority (FRA) has increased the maximum limit of financing granted by companies, institutions, and organizations to micro-sized enterprises by 10% to EGP 220,000 from EGP 200,000, the authority stated on May 15th.
This amendment will enable the micro enterprises to access more flexible financing solutions to initiate or boost their businesses as well as to increase their competitiveness, FRA’s Chairman Mohamed Farid stated.
The decision is part of the FRA’s efforts to mitigate the impact of inflation on the middle-income class within the framework of the country’s financial inclusion plans, Farid noted.
The value of financing balances for micro, small, and medium-sized enterprises has reached EGP 42 billion at the end of February 2023, compared to around EGP 29 billion at the end of February 2022, with the number of beneficiaries reaching 4 million, the statement read.
Related News
