Banque Misr begins activating CBE initiative to finance SMEs with 5% yield

(MENAFN- Daily News Egypt) Banque Misr began implementing the initiative recently launched by the Central Bank of Egypt (CBE) to support small and medium enterprises (SMEs).

This springs from the bank's commitment to promoting economic development and contributing to the development of society by fighting unemployment, increasing the gross domestic product (GDP), and achieving sustainable development.

According to a statement by Banque Misr, the bank started this week to put forward distinct financing products in line with the needs of small projects that have revenues ranging between EGP 1m and EGP 20m annually.

The bank finances these projects through a simple declining yield of 5% for all different activities and sectors through specialised units and branches located in all governorates.

Banque Misr, the second largest public bank operating in the Egyptian market, will also provide financial advice to the owners of the new projects to contribute to the creation of strongly structured institutions.

Banque Misr offers various funding programmes, aiming to meet all financing needs, in the form of short and medium-term loans, letters of credit, and letters of guarantee.

According to the statement, the bank is continuously working on actively participating in the construction of the Egyptian economy and the advancement of society by providing financing requirements to various economic sectors.