The federation also recognized key contributors to MSME success, including the Financial Regulatory Authority and the Egyptian Credit Bureau
In recognition of its steadfast commitment to the micro, small, and medium enterprises (MSMEs) sector, the Central Bank of Egypt (CBE) was honored with a prestigious award from the Egyptian Federation for MSMEs, emphasizing the transformative impact of the CBE's efforts within the industry.
During the forum, First Deputy Governor of the central bank Mai Abu El-Naga was presented with a shield of honor by the federation in appreciation of the CBE's unwavering support for and assistance to MSMEs.
In an official statement on Monday, the CBE highlighted the measures and initiatives it undertook to bolster the sector's growth, including increased financing to micro-enterprises.
The CBE explained that, in June 2023, financing to micro-enterprises reached approximately EGP 78.3 billion, benefiting 4.7 million recipients, a significant jump from December 2016, where financing amounted to EGP 6.4 billion, supporting 2 million beneficiaries.
The federation also recognized key contributors to MSME success, including the Financial Regulatory Authority and the Egyptian Credit Bureau, along with companies and associations supporting the financing industry for micro, small, and medium enterprises.
According to the CBE, the forum provides a platform for financing entities to stay up-to-date on developments in information systems, financial technology, and loan follow-up programs, as well as explores advanced technological solutions in the Egyptian market, presenting challenges and solutions to facilitate smoother operations.
The CBE's participation in the forum underscores the bank's commitment to supporting medium, small, and micro enterprises, it wrote, highlighting their role in advancing the national economy, providing job opportunities for youth, reducing unemployment rates, and fostering financial inclusion.
