Central Bank honored for its efforts in support of medium, small and micro enterprises

The Central Bank of Egypt (CBE) participated in the second forum of Information Technology Systems organized by the Egyptian Federation for Financing Medium, Small, and Micro Projects (EFFMSMP).

The forum was attended by more than 270 entities financing micro, small, and medium enterprises (MSMEs), in addition to local and Arab information technology companies, and The Egyptian Credit Bureau “I-Score”.

During the forum, Ms. May Abulnaga, CBE’s First Sub-Governor, received a shield of honor from the Egyptian Federation for Financing Medium, Small, and Micro Projects (EFFMSMP), in appreciation for the CBE’s outstanding efforts in providing the necessary support to these enterprises through implementing  and launching several initiatives; including the addition of microfinance granted by the banks - directly or indirectly (through microfinance institutions “MFIs”) - to the MSMEs’ mandatory financing ratio stipulated by the CBE. Moreover, the CBE was honored for sponsoring and funding the Institutional Upgrade Program, aimed at building the capacities of microfinance associations (Category C NGOs), in a step towards qualifying them to obtain financing, and enabling them reach for the financially marginalized segments, to integrate them into the formal economy.

During the forum, the Federation also honored several successful stakeholders, including the Financial Regulatory Authority (FRA), the Egyptian Credit Bureau “I-Score”, and a number of MFIs financing medium, small, and micro enterprises.

The Central Bank’s participation in the forum stems from its substantial commitment to supporting MSMEs, given their vital role in driving the national economy, creating employment opportunities for the youth, reducing the unemployment rates, and promoting financial inclusion.