The index will give MSMEs access to standardized information about loans being offered by various financial institutions.
The Financial Regulatory Authority (FRA) launched a new pricing index for MSMEs financing products designed to give small business owners clearer information about the loan market, according to a statement FRA published yesterday.
The index will give MSMEs access to standardized information about loans being offered by various financial institutions, helping them to compare between different financing products and lowering the cost of borrowing.
The FRA said that the index as the number of beneficiaries of financing directed to MSMEs reached 3.9 million citizens, with a total value of financing balances of EGP 45.5 billion pounds, until the end of July 2023.
The number of MSMEs are growing in Egypt, earlier this year, the FRA increased the maximum financing limit for micro-enterprises by 10% to LE 220,000 up from LE 200,000.
The decision was aimed to enable SMEs to have better access to finance developing their businesses to operate and promote production. This move will help SMEs expand their business volume and increase their competitiveness.
