The National Bank of Egypt (NBE), the oldest commercial lender in Egypt, aims to increase the size of loans granted to small and medium enterprises (SMEs) to E£70 billion ($7.8 billion) over four years, said a report.

NBE began funding SMEs in 2010, noting that the current size of loans granted to these projects amounts to E£28 billion ($3.15 billion), out of E£230 billion ($25.9 billion) of total loans, Hazem Hegazy, CEO of NBE, was quoted as saying in a Daily News Egypt report.

He added that Egypt has a great opportunity for developing SMEs, pointing out that 80 per cent of 2.4 million SME projects operate in the unofficial market, which hinders the ability of banks and financial leasing companies to reach them.

Hegazy said that the bank pays special tribute to the industrial and food agricultural sector, in line with the state’s efforts.