Value of microfinance in Egypt grows by 7.9% in 2022
Chairwoman of the Egyptian Federation for Medium, Small, and Micro Enterprise Funding Mona Zulfaqar stated Sunday that the value of microfinance disbursed in 2022 grew by 7.9 percent in 2022 compared to 2021, recording LE64.9 billion.
Zulfaqar equally highlighted that the client base expanded by 10 percent to consist of a total of 4.7 million. The federation's chairwoman stressed that microfinancing institutions have been able to reach more clients through 2,711 offices dispersed nationwide as well as through banks.
She elaborated that members of the federation served 3.9 million clients in 2022, providing a total of LE38.7 billion. As for banks, they served 758,000 clients, providing a total of LE26.2 billion, including funds that amounted to LE200,000 each.
The number of clients who got nano finance rose from 8,300 in 2021 to 13,600 in 2022, so as the amount spiked from LE2.5 million to LE10 million. As for the amounts directed at small and medium enterprises, they hit LE1.8 billion that were disbursed to over 2,000 customers.