Banque Du Caire's portfolio for micro-sized enterprises is valued at EGP4.4bn, the largest among Egypt-based lenders, according to head of MSMEs' division Nader Saad.
" Banque Du Caire has provided micro-sized enterprises with EGP17bn loans over the past 16 years," said he, adding that the bank has no plans to found a company specializing in micro-financing.
EGP8.5bn financing, constituting 70 percent of Banque Du Caire's portfolio for MSMEs, has been injected within pertinent initiative kicked-off by the Central Bank of Egypt, he noted, adding that Banque Du Caire will open 12 centers with a focus on SMEs late this year in the Greater Cairo.
"CBE issued amendments exempting commercial activities from CBE's initiative, with such activities constituting 50 percent of the initiative's funding program totaling EGP100bn," sources told Al-Mal newspaper a few days ago.
CBE unleashed back in early 2016 the initiative aiming at bolstering funding given to small enterprises, pledging to pump EGP200bn at a yearly 5 percent interest rate.
CBE confirmed the initiative can provide liquidity to almost 350,000 enterprises per year and help create 4 million job opportunities.
Also included in the initiative is a mandate obligating local banks to pick up their respective portfolios of micro, small and medium-sized enterprises in the span of 4 years.