The Central Bank of Egypt (CBE) has issued some amendments to the financing initiative that aims to support small- and medium-sized enterprises (SMEs) by easing bank loans and credit facilities.
The CBE said in a statement on Monday that the definition of SMEs has been modified, defining microbusiness as companies with paid-in capital of EGP 50,000.
As for small businesses, their capital has been identified between EGP 50,000 and EGP 5 million for industrial entities, and less than EGP 3 million for non-industrial businesses, the statement indicated.
The maximum limit for small businesses financing has been raised from EGP 20 million to EGP 40 million.
The CBE also noted that an amount of EGP 10 billion has been provided by Egyptian banks with an interest rate of 12%, to be used in granting short-term credit facilities to finance the capital of small- and medium-sized companies working in the industrial sector, as well as agricultural processing and clean and renewable energy.
