"Financial Control": Microfinance was the winning horse in 2018

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Dr. Mohamed Omran, Chairman of the Egyptian Financial Supervisory Authority [EFSA], said that in 2018, the Authority set a strategy for action until 2020 to deepen the success achieved in the recent period, pointing out that 2018 was a distinguished year for the Authority.

During the meeting of the Economic Affairs Committee chaired by MP Ahmed Samir, Omran said that the Authority monitors the activities of 5 sectors: mortgage finance, microfinance, insurance, capital market, leasing finance and crediting. "The board of directors of the Authority will discuss tomorrow the amendment of the draft law to finance micro-enterprises, allowing permission to companies that finance the activities of micro-small."

The head of the Financial Supervisory Authority [EFSA] said that financing micro projects is important and has a great impact on marginalized groups and factoring. He was the winning horse in the activities of the Authority during the past year, pointing out that the figures confirm that it was a sector that witnessed a boom in the past period. 7 billion and 200 million pounds by the end of 2017, jumped to 11 billion and 500 million pounds in 2018, an increase of 62%.

He pointed out that the financing of small and micro enterprises starts from 500 pounds to 100,000 pounds. The number of beneficiaries is 2.8 million Egyptian citizens with an average funding per capita of LE 3,200, while women hold 70% of the beneficiaries. "There are 9 companies and more than 290 NGOs working in the field of financing micro and small enterprises, which is working to spread good funding for this sector.

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