Egypt’s microfinance portfolio reached EGP 47bn by 2020 end: CBE Sub-Governor
Published 19 May,2021 via Daily News Egypt - Initiatives launched by the Central Bank of Egypt (CBE) have raised the country’s microfinance portfolio to about EGP 47bn in December 2020, according to CBE Sub-Governor May Abulnaga.
The unprecedented boom in Egypt’s microfinance ecosystem has been directed to 4 million customers, with EGP 27.8bn coming in the form of direct and indirect financing from banks. It compares to the EGP 6.4bn recorded in December 2016 directed to 2 million customers.
Abulnaga added that the CBE is aware of the importance of the microfinance ecosystem, its role in creating jobs, and in reducing poverty and inequality.
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Daily News Egypt