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CBE holds hope on Banque du Caire to support microenterprises: Amer - Daily News Egypt

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CBE holds hope on Banque du Caire to support microenterprises: Amer

The bank injected 1.5 million loans to project owners until the end of 2016, with a total cumulative value of EGP 11bn

Tarek Amer, the governor of the Central Bank of Egypt (CBE), said that the CBE holds high hopes on Banque du Caire to support microenterprises, thanks to its experience in financing these projects.

He noted that the CBE aims to have strong banks specialised in financing these projects in the Egyptian market, noting that the Kenyan “Equity Bank”, which specialised in financing these projects ten years ago, has become the largest bank in Kenya.

Banque du Caire was established in 1952 and is considered one of the largest banks in Egypt, ranking third in terms of the size of its business and the number of customers and branches.

According to a report issued by the bank, its interest in financing these projects is increasing, as it has already injected 1.5 million loans to owners of microenterprises until late 2016, with a cumulative value of EGP 11bn. It managed to create 900,000 jobs for young people, in addition to sustainable production projects.

The report added that the bank managed to obtain a market share of 60% of the direct financing sector for owners of these projects.

The bank has signed two contracts to finance microenterprises, in cooperation with the social development fund, worth EGP 334m.

According to Soha Ismail, the deputy chairperson of the bank, the bank pays great attention to these projects and has lots of experience in them. It also seeks to be the main engine of the sector in Egypt.

She added that the bank’s interest in these projects is a result of their important role in the different vital sectors in the country and in creating movement in the market with the growing need for jobs.

She added that the bank is taking part in “Mashrouak” (Your Project), a local project for social development in all governorates, villages, and remote places in Egypt, targeting different classes of society, especially young people, and supporting women.

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