The Central Bank of Egypt (CBE) launches an initiative worth EGP 30 bn to fund micro enterprises, Invest-Gate reports.

Governor of CBE Tarek Amer has launched the initiative that relies on engaging banks in financing micro enterprises, according to a released statement.

Small and Medium-sized enterprises (SMEs) are a major contributor to the country’s gross domestic product (GDP) and thus such an initiative has been launched, the statement says.

“We seek to double financing to SMEs to reach a total amount of EGP 400 bn,” says Amer.