BE Decision to Support SMEs Should Turn Egypt Into Productive Economy

The Industrial Development & Workers Bank of Egypt has praised a recent decision made by the Central Bank of Egypt (CBE) encouraging banks to offer loans to small and medium-sized enterprises (SMEs), seeing in it a step toward turning Egypt from a consumption economy to a productive economy.

Director General of the budget sector at the Industrial Development & Workers Bank of Egypt Haitham Abdel Fattah said on Tuesday, 12/1/2016 that The CBE decision is meant to encourage funding of productive projects and reducing random consumer borrowing.

Abdel Fattah said it is a daring decision that is based on a clear vision by the political and banking leadership.

Egypt has been missing a lot of those decisions and long-term economic visions, he noted.