EJB extended EGP3.6bn loans to SMEs this year

Head of Financing and Investment Division at the Egyptian Junior Business Association (EJB)  Dr. Hany Emad El-Deen said EJB's loans extended to small and medium-sized Enterprises  amounted to EGP3.6bn  in the first 11the months of this year. 
" EJB extends loans to individual enterprises governed by law 141, 2004 as long as its paid capital ranges between EGP50,000 and EGP1mn, and employs no more than 50 workers," said Emad El-Deen in speech he delivered at the 4th CEO conference organized by Al-Mal GTM. 
Interest rates imposed on loans extended to small and medium-sized trading and services enterprises amount to 8.5% and a decreasing 5% interest is to be applied for manufacturing projects after fulfilling terms set by the lenders, notably World Bank and the International Finance Corporation, he added.   
EJB has finalized drafting a new bill regulating SMEs, as it is supposed to include new definitions that a societal dialogue will help shape in preparation for discussing the draft law by Egypt's House of Representatives in the first quarter of 2018.