Regulatory Alerts2012-05-10
Encouraging banks to finance small and medium-sized companies and enterprises
Title: Law No. 24/2008 of the Central Bank of Egypt and its Institutions Article (The First) This law regulates the activities of the Central Bank of Egypt and its institutions in providing financial services to banks, companies, microfinance institutions, and small- and medium-sized enterprises. Article (The Second) The Central Bank of Egypt and its institutions are obligated to cooperate with concerned government authorities to devise policies and implement necessary measures to ensure financial stability, enhance the efficiency of the banking system, promote the growth of national economy, and facilitate the development of various sectors of the economy. Article (The Third) The Central Bank of Egypt and its institutions shall work in coordination with concerned government authorities to develop a comprehensive framework for the regulation and supervision of non-banking financial institutions and microfinance institutions, and to establish necessary procedures.