Cairo - Mubasher: The Egyptian Financial Regulatory Authority (FRA) has licensed a micro-funding company to provide funding to small- and medium-sized enterprises (SMEs), the first licence given to a non-banking financial company (NBFC), according to a statement on Monday.

As per the amendment made to law no. 201 of 2020 in October 2020, micro-funding companies, institutions, and associations have become allowed to provide SME funding solutions.

According to the latest data in early 2021, SMEs have contributed about 80% to the country's gross domestic product (GDP), the FRA's Chairman, Mohamed Omran, revealed.

At the end of May, the micro-funding portfolio reached EGP 21.7 billion provided to 3.3 million beneficiaries. Women made up about 62% of the portfolio and the youth accounted for 63% of the micro-funding services.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.