The Central Bank of Egypt’s board of directors agreed to provide the Credit Guarantee Company (CGC) with a EGP 2 bn assurance for SME financing, Al Masry Al Youm reports. In exchange, CGC will issue assurances to banks offering funding for SME projects to cover the associated risks. CBE Governor Tarek Amer had announced the CBE’s intention to begin handing out these assurances in December.

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