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355 thousand clients benefited from CBE initiative for SMEs
Published in The Egyptian Gazette on 22 - 09 - 2018

CAIRO, Sept 22, 2018 (MENA) – Around 355 thousand clients have benefited from the Central Bank of Egypt (CBE) initiative for shoring up the micro, small and medium- sized enterprises (SMEs), Egyptian Minister of Planning Hala el Saeed said.
Her remarks came on the sidelines of a conference dubbed "SMEs… growth, challenges, and potentials of having finances."
The services sector had 38 percent of the total finances, the trade sector 31 per cent, the industrial sector 28 per cent, and the agricultural sector 3 percent, Saeed elaborated, giving a data breakdown of the initiative.
President Abdel Fattah El Sisi directed in 2016 allotting LE 200 billion to support the initiative, targeting shoring up SMEs.
The CBE initiative provides finances to small investors and startups with interest rates that stand at less than six percent, she said. Also its helps them with non-banking funds, she added.
The initiative also encourages companies operating in the Egyptian market and civil society organizations to give a hand to the government and contribute to supporting SMEs.

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