(MENAFN) Egypt's Banque Misr announced that its small and medium-sized enterprises (SMEs) portfolio has increased by 134% year-on-year during the fiscal year 2017/2018.
The portfolio's volume reached EGP 11 billion (USD620 million) by the end of June 2018, compared to EGP 4.7 billion (USD260 million) in the year ended June 2017, the bank said in a statement.
It is worth noting that Banque Misr injects around EGP 200 million monthly in supporting small projects, the head of project finance sector revealed earlier in May.
Previously, the Central Bank of Egypt (CBE) launched an initiative to encourage SME financing, saying that banks were required to allocate 20% of their total credit portfolios to financing projects until 2020.
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