Banque du Caire eyes raising SME loan portfolio to $867mln by year-end

Currently, Banque du Caire considers pumping $61mln in loans to SMEs

  
People stand in the line to make withdrawals outside Cairo Bank in downtown Cairo February 6, 2011.

People stand in the line to make withdrawals outside Cairo Bank in downtown Cairo February 6, 2011.

REUTERS/Amr Dalsh

Cairo –Banque du Caire plans to inject EGP 1.5 billion loans into small- and medium-sized enterprises (SMEs) during the fourth quarter of 2019, the bank’s head of SME banking sector Nader Saad told Mubasher on Sunday.

The bank aims to increase its SME loan portfolio to EGP 14 billion by the end of this year from EGP 12.5 billion at the end of last September, Saad added.

Currently, the bank considers pumping EGP 1 billion in loans to SMEs, he noted.

Earlier in October, the head of SME banking sector revealed that Banque du Caire injected EGP 6 billion worth of funding into SMEs during the first nine months of 2019, including EGP 3 billion under the Central Bank of Egypt’s (CBE) SME funding initiative.

During the first half of 2019, the bank’s profit before taxes grew to EGP 2.5 billion, compared to EGP 1.91 billion in H1-18.

Translated by: Zeinab Adel

Source: Mubasher Exclusive

All Rights Reserved - Mubasher Info © 2005 - 2019 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.

More From Financial Services