MidBank increased its small and medium enterprise (SME) financing portfolio to about 26% of the bank’s total net credit portfolio in September 2022, thus fulfilling the minimum percentage set by the Central Bank of Egypt, which is 25% by December 2022.
Eman Abu Zaid, head of the bank credit and loans sector, said that SME financing is one of the most important axes of the new strategy launched by the Bank, which aims at restructuring the credit sector, in line with market developments and trends.
Abu Zaid indicated that the percentage of financing directed to small companies also increased to 10% in May 2022, according to the instructions of the Central Bank in this regard.
Ahmed Gaber, Head of the Small and Medium Enterprises Credit Sector, said that growth in the direct credit facilities portfolio for small and medium enterprises was achieved, reaching 57% in September 2022 compared to December 2021, and a growth of 78% compared to June 2021.
He pointed out that the industrial sector currently accounts for the largest proportion of the portfolio, close to 30%, which reflects the Bank’s interest in expanding in this field.
MidBank launched “MID-GO” which pays great attention to supporting small and medium-sized companies. It provides financing programs and specialized services for owners of companies that fall under the target customer segment.
Midian has also recently participated in the NilePreneurs initiative, by opening a business development center at the bank’s branch in Beni Suef governorate. The initiative’s goals include adopting the ideas of promising projects, providing technical and technical support, and sponsoring them at all stages, so that the ideas turn into projects, in addition to developing the capacities of young entrepreneurs, supporting the strategy of women’s economic empowerment, and encouraging local industry and technology. The Bank aims to open another business development center next year.Source: Daily News Egypt