Cairo – Mubasher: The United Bank has allocated EGP 500 million to finance micro-enterprises either through specialised companies and non-governmental organisations (NGOs) or directly to individuals.
The micro-enterprise finance sector has a great growth opportunity in the market, especially after the parliament approved in July to double the value of micro-enterprise finance to EGP 200,000 for each client, which will contribute to increasing demand and production, the bank’s Chairman, Ashraf El-Kady, said in a statement on Tuesday.
Women made up about 40% of the total micro-enterprise finance requests, El-Kady revealed, adding that the commercial sector had the highest number of requests, followed by the services and industrial sectors.
At the end of Last January, the total volume of micro-finance increased to EGP 17 billion from EGP 2.7 billion at the end of January 2019.
