MidBank increased its small and medium enterprise (SME) financing portfolio to approximately 26% of the bank’s total net credit portfolio in September 2022, meeting the minimum percentage set by the Central Bank of Egypt, which is 25 % by December 2022.

Eman Abu Zaid, Head of Credit and Bank Lending Sector, said that SME financing is one of the most important axes of the new strategy launched by the Bank, which aims to restructure the credit sector, in line with the market developments and trends.

Abu Zaid said that the percentage of financing for small businesses also increased to 10% in May 2022, according to the instructions of the Central Bank in this regard.

Ahmed Gaber, Head of Small and Medium Enterprise Credit, said growth in the portfolio of direct credit facilities 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, almost 30%, which reflects the Bank’s interest in developing in this area.

MidBank launched “MID-GO” which pays great attention to supporting small and medium enterprises. It offers financing programs and specialized services to business owners who are part of the target customer segment.

MidBan also recently participated in the NilePreneurs initiative, opening a business development center at the bank’s branch in Beni Suef Governorate. The objectives of the initiative include adopting the ideas of promising projects, providing them with technical and technical support and mentoring them at all stages, so that the ideas turn into projects, in addition to developing the capacities of young entrepreneurs, support the women’s economic empowerment strategy, and encourage local industry and technology. The Bank aims to open another business development center next year.