Egypt’s raises microenterprise finance limit by 10%

The increase is the maximum amount allowed per year by law, Chairman of the FRA Mohamed Farid clarified.

Farid explained that the decision was made in light of the country’s challenging economic situation, including the high inflation rate.

The authority aims to boost financial inclusion by providing appropriate financing to middle-income groups as well as increase microenterprises’ ability to develop projects and increase their competitiveness in the market, the chairman continued.

The authority is also constantly working to improve the efficiency of non-banking financial services, Farid reiterated.

He stressed the importance of such services, saying that they are crucial to helping individuals and institutions meet their financing and investment needs.

Farid added that the value of financing for medium, small and micro enterprises amounted to EGP 42 billion at the end of February 2023, compared to about EGP 29 billion at the same time the year before.