Sunday 18 March 2018

Egypt: SMEs hit 17000 with total finances of $1.1bn

Egypt: SMEs hit 17000 with total finances of $1.1bn
(APA 09/13/17)
Tarek Amer, the governor of the Central Bank of Egypt (CBE)

The volume of Egypt’s new small and medium enterprises (SMEs) that was established in 2017 reached 17,000 with total finances of EGP 19 billion ($1.1 billion), the governor of the Central Bank of Egypt (CBE) Tarek Amer said on Tuesday.

During a press conference, Amer added that there is a plan to raise the loan-to-deposit (LTD) ratio to 60-65 percent, up from 40-45 percent.

The governor of central bank highlighted that the volume of banks’ clients reached 32 percent or 17 million citizens that are entitled to vote, of about 54 million.

Amer said that the number of subscribers in mobile banking transactions hit around 9 million.
The CBE has joined the Alliance for Financial Inclusion (AFI) in 2013 and is organizing on Wednesday the international conference for the financial inclusion, which is considered the biggest globally and is held for the first time in the region.

The governor pointed to the important measures taken by the National Council for Payments for the growth of the electronic payments and supporting the SMEs.

Egyptians sold $30 billion since the Egyptian pound flotation in November till today, Amer said, adding that the United Bank of Egypt is being restructured to be offered in the government initial public offering (IPO) program.

Egypt has achieved financial and monetary stability through economic reforms implemented lately, including the flotation of the Egyptian pound in November, which succeeded in adding around EGP 200 billion new deposits to the local markets.

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