CAIRO, Oct 1, 2018 (MENA) - Egyptian banks will allocate 20 percent of their portfolio to financing small and medium-sized enterprises by 2020, said deputy governor of the Central Bank of Egypt Lobna Hilal on Monday. The official gave the remarks during a press conference at the headquarters of Nile University to announce the five winning projects of a competition on digital agriculture. The competition is organized as part of Nilepreneurs, a new initiative launched by the Central Bank to support small and medium enterprises. The five-year initiative is launched in cooperation with Nile University with the aim of developing the capabilities of young entrepreneurs in small and medium enterprises, by benefiting from the points of excellence at Nile University in scientific and research expertise. As part of the 200-billion-dollar initiative, the bank has already provided 110 billion dollars so far to finance small and medium-sized projects, especially in the agricultural sector, he said.
