Egypt’s micro-finance activities continued to grow to reach EGP 11.5bn in 2018, according to Mohamed Omran, the chairperson of the Financial Regulatory Authority (FRA), on Wednesday.
Omran added that the growth was accompanied by an increase in the number of beneficiaries of microfinance loans provided by companies, associations, and civil institutions which are licenced to practice the activity to reach about 2.8 million.
The chairperson of the FRA praised the vital role played by the stakeholders who are operating in the micro finance activity.
Meanwhile, Omran stated that the FRA decided to put the rules and regulations necessary, in order to allow these stakeholders to engage in the micro finance leasing activity.
According to Mona Zaulifkar, the chairperson of the Egyptian Union of Microfinance, the value of Egypt’s micro-finance portfolio reached EGP 11.12bn at the end of 2017, versus EGP 6.66 in 2016.
Meanwhile, Omran stated earlier that Egypt’s microfinance activities amounted to EGP 9.75bn by the end of the second quarter of 2018.