The microfinance balance at the Small and Medium Enterprise Development Authority (SMEDA), formerly the Social Fund for Development, is estimated to have reached EGP 7.12bn at the end of 2017 compared to EGP 4.48bn at the end of 2016, according to Nevine Badr El-Din, head of the central sector of microfinance at SMEDA.
Badr El-Din pointed out that 2017 witnessed a healthy 58.72% growth in microfinance balances compared to a growth rate of 23.76% in 2016.
She revealed that the number of beneficiaries reached 2.26 million people at the end of 2017, compared about 1.82 million beneficiaries at the end of 2016.
She further added that the total volume of microfinance balances at banks amounted to about EGP 3bn, which were offered to more than 300,000 customers.
