{"id":647967,"date":"2017-05-24T04:11:38","date_gmt":"2017-05-24T04:11:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/24\/cbe-microfinance-to-push-out-egp-30-bn-in-subsidized-financing-to-as-many-as-10-mn-borrowers-within-four-years\/"},"modified":"2017-05-24T04:11:38","modified_gmt":"2017-05-24T04:11:38","slug":"cbe-microfinance-to-push-out-egp-30-bn-in-subsidized-financing-to-as-many-as-10-mn-borrowers-within-four-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/24\/cbe-microfinance-to-push-out-egp-30-bn-in-subsidized-financing-to-as-many-as-10-mn-borrowers-within-four-years\/","title":{"rendered":"CBE Microfinance to push out EGP 30 bn in subsidized financing to as many as 10 mn borrowers within four years"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The Central Bank of Egypt launched a new microfinance initiative yesterday <\/strong><strong>that aims to funnel EGP 30 bn to around 10 mn beneficiaries over the next four years.<\/strong> The initiative, which was first hinted at <a href=\"https:\/\/enterprise.press\/stories\/2016\/12\/18\/cbe-efsa-encourage-new-partnerships-between-banks-microfinance-lenders\/\">back in December<\/a> and was formed in collaboration with the Egyptian Microfinance Federation (EMF) and the Egyptian Financial Supervisory Authority (EFSA), was announced by CBE Governor Tarek Amer at a presser we attended yesterday. Key features of the initiative include:<\/p>\n<ul>\n<li><strong>Eight banks will offer subsidized funding to three microfinance companies and around 752 EFSA-accredited institutions and NGOs<\/strong> working under the umbrella of the EMF. The funding will then be on-lended to individuals or and micro-enterprises seeking specific forms of financing. Recipients may also be able to access direct funding from the Microfinance Projects Development Authority (former Social Fund for Development) and banks.<\/li>\n<li><strong>The initiative will be rolled into the CBE\u2019s SME-funding initiative<\/strong>, which requires banks grow their SME businesses to 20% of their portfolios by 2020. Microfinance under the initiative will be counted towards that SME quota funding, according to a CBE <a href=\"https:\/\/enterprise.press\/wp-content\/uploads\/2017\/05\/Microfinance-Press-release.pdf\">press release<\/a>.<\/li>\n<\/ul>\n<p><strong>Other highlights from the conference<\/strong>, which was attended by other senior CBE, government, and banking sector officials include:<\/p>\n<ul>\n<li><strong>The move appears to be part of a wider financial inclusion strategy which include a new emphasis on mobile payments.<\/strong> The CBE will hold a meeting with President Abdel Fattah El Sisi to discuss a wide-reaching mobile payments policy, said Governor Tarek Amer. There are now 7 mn mobile payments customers in Egypt, he added. <\/li>\n<li><strong>The immediate aim is to see<\/strong> <strong>micro enterprises grow into small, and then to medium enterprises<\/strong>, said Deputy Governor Gamal Negm.<\/li>\n<li><strong>Technology is expected to play a leading role in the initiative<\/strong>, said Hisham Ezz El Arab, chairman of CIB and the Federation of Egyptian Banks. He <a href=\"http:\/\/www.youm7.com\/story\/2017\/5\/23\/%D8%A7%D8%AA%D8%AD%D8%A7%D8%AF-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D9%8A%D8%AF%D8%B9%D9%88-%D9%84%D8%A7%D8%B9%D8%AA%D8%A8%D8%A7%D8%B1-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D9%85%D8%AA%D9%86%D8%A7%D9%87%D9%89-%D8%A7%D9%84%D8%B5%D8%BA%D8%B1-%D8%A7%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%D9%8A%D8%AC%D9%8A%D8%A9-%D9%84%D8%AF%D8%B9%D9%85-%D8%A7%D9%84%D8%B4%D9%85%D9%88%D9%84\/3250278\">stressed<\/a> the necessity for the banking sector to make microfinance a crucial part of the banking sector\u2019s strategy going forward. <\/li>\n<li>It aims to reach <strong>places that are most in need, namely Upper Egypt<\/strong>. The main sector in need being the agricultural sector in rural areas, said EMF chairman Mona Zulficar. Total microfinance loans in the market <strong>reached EGP 6.7 bn as of the end of 2016, benefiting 2 mn customers<\/strong>, said Zulficar. Repayment rates on these loans has been 99.5%. <strong>Women made up 70% of microfinance beneficiaries<\/strong>, according to EFSA numbers. <\/li>\n<li><strong>Social Solidarity Minister Ghada Wali highlighted how the move<\/strong> <strong>sends a message of support from the banking sector to civil society organizations<\/strong>, stressing in publicly accessible terms the importance of building a credit history.<\/li>\n<li>The <strong>Alliance for Financial Inclusion<\/strong>, of which CBE is a member, will hold its meeting in Egypt this year in September in Sharm El Sheikh, Deputy Governor Lobna Helal said.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Egypt launched a new microfinance initiative yesterday that aims to funnel EGP 30 bn to around 10 mn beneficiaries over the next four years. The initiative, which was first hinted at back in December and was formed in collaboration with the Egyptian Microfinance Federation (EMF) and the Egyptian Financial Supervisory Authority [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7279],"tags":[72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-647967","post","type-post","status-publish","format-standard","hentry","category-spotlight","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"9e51ab92-996e-478e-81da-4183992de14c","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[647947],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBE Microfinance to push out EGP 30 bn in subsidized financing to as many as 10 mn borrowers within four years - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/05\/24\/cbe-microfinance-to-push-out-egp-30-bn-in-subsidized-financing-to-as-many-as-10-mn-borrowers-within-four-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE Microfinance to push out EGP 30 bn in subsidized financing to as many as 10 mn borrowers within four years\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Egypt launched a new microfinance initiative yesterday that aims to funnel EGP 30 bn to around 10 mn beneficiaries over the next four years. 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Fish, poultry and livestock companies with annual revenues\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/323.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591419,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/05\/egypt-launches-egp-100-bn-program-to-boost-local-industry\/","url_meta":{"origin":647967,"position":1},"title":"Egypt launches EGP 100 bn program to boost local industry","author":"enterpriseam admin","date":"5 December 2019","format":false,"excerpt":"Factories with annual sales of less than EGP 1 bn can now borrow at subsidized rates: The government and the Central Bank of Egypt (CBE) have launched a EGP 100 bn initiative to boost domestic manufacturing by allowing medium-sized factories access to subsidized loans at a declining 10% interest rate,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/CBE-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582409,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/08\/cbe-unveils-terms-of-new-subsidized-lending-program\/","url_meta":{"origin":647967,"position":2},"title":"CBE unveils terms of new subsidized lending program","author":"enterpriseam admin","date":"8 March 2023","format":false,"excerpt":"The CBE has handed responsibility for subsidized loans to the FinMin under the IMF deal.","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/Manufacturing-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":641125,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/13\/statements-from-amer-and-the-afi-on-financial-inclusion\/","url_meta":{"origin":647967,"position":3},"title":"Statements from Amer and the AFI on Financial Inclusion","author":"enterpriseam admin","date":"13 September 2017","format":false,"excerpt":"And as for the main event: More Egyptians than previously thought have access to a bank account. That news came as Amer discussed Egypt\u2019s strategy and initiatives on financial inclusion at the press conference we attended yesterday. He was joined AFI Executive Director Alfred Hannig, and by Tukiya Kankasa-Mabula, chair\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549036,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/egypts-first-islamic-microfinance-license-goes-to-maksab\/","url_meta":{"origin":647967,"position":4},"title":"Egypt\u2019s first Islamic microfinance license goes to Maksab","author":"enterpriseam admin","date":"31 August 2022","format":false,"excerpt":"Little known company aims to push into Islamic microfinance in Egypt: The Egyptian Microfinance Company (Maksab) has become the first local player to get a license from the Financial Regulatory Authority (FRA) to provide sharia-compliant microfinance. The move comes as part of the regulator\u2019s drive to increase financial inclusion by\u2026","rel":"","context":"In &quot;Finance&quot;","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/450.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572706,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/06\/egyptian-banks-dole-out-egp-69-bn-from-cbes-egp-100-bn-subsidized-loan-initiative\/","url_meta":{"origin":647967,"position":5},"title":"Egyptian banks dole out EGP 69 bn from CBE\u2019s EGP 100 bn subsidized loan initiative","author":"enterpriseam admin","date":"6 July 2020","format":false,"excerpt":"Banks dole out EGP 69 bn to local industry under CBE\u2019s EGP 100 bn subsidized loan initiative: Egyptian banks \u2014 primarily CIB, the National Bank of Egypt, Banque Misr, QNB, and the Export Development Bank \u2014 have handed out EGP 69 bn in loans to over 4k businesses under Central\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=647967"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647967\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/647947"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=647967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=647967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=647967"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=647967"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=647967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}