Egypt’s banking sector boosts micro-projects with $1.1bln in financing: Zulficar

The Egyptian Federation for Micro, Small, and Medium Enterprise Funding, led by Mona Zulficar, announced that the banking sector provided EGP 36.1bn in financing to 810,000 micro-projects until June 2023. This is part of the federation’s development strategy to offer financial services to business owners, who are vital for fighting poverty and achieving sustainable development.

According to Zulficar, the microfinance institutions increased their customer base by 2.03% to reach 4.6 million by the end of the second quarter of 2023, compared to the same period in 2022. The financing balances also grew by 21% to EGP 78.3bn during the same period.

Zulficar explained that the associations and private institutions that are members of the federation and have a license from FRA to operate in the micro-enterprise finance sector served 2.060 million customers with a value of EGP 15.9bn. The financing companies provided financing services to about 1.8 million customers worth EGP 26.3bn. The banking system pumped financing of about EGP 36.1bn to 810,000 customers.