FRA launches 1st benchmark index for responsible pricing of MSMEs financing
Updated 9/11/2023 7:24:00 AM
Arab Finance: The Financial Regulatory Authority (FRA) has launched the first benchmark index for responsible pricing of micro-, small- and medium-sized enterprises (MSMEs) financing, according to a statement on September 10th.
The new index provides data on interest rates and administrative expenses at all licensed entities to practice MSME financing activities.
It also balances the requirements for efficient markets and considerations of protecting competition.
This is in addition to providing transparency for customers, enabling them to easily identify the total financing cost of different financing products to facilitate the comparison process and choosing the most suitable option.
FRA Chairman Mohamed Farid revealed that beneficiaries of MSMEs financing reached 3.9 million at the end of July 2023, with financing balances valued at a total of EGP 45.5 billion.
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