Banque Misr aims to increase the size of its small- and medium-sized enterprises (SMEs) loans to reach EGP 30bn in the next few years, in line with the initiative launched by the Central Bank of Egypt (CBE) earlier this year. The initiative was launched in support of these projects, boosting the size of their loans to 20% of total loans granted by banks over four years.
According to a statement by the bank issued on Thursday, the bank also plans to expand geographically across governorates through establishing banking units specialising in SMEs in all branches.
The bank currently has 117 banking units specialising in financing SMEs in various provinces, with plans to increase the number to 250, besides 200 units specialising in financing micro-enterprises.
Last week, the bank launched several new financing programmes for companies, factories, laboratories, private hospitals, medical centres, schools, and private universities nationwide.
According to the bank, the loan repayment period of these programmes goes up to five years, including a grace-period of nine months at competitive interest rates and premiums from 3 to 6 months. In these programmes, 75% of the funding is directed at machinery and new equipment, and 60% at used ones.
