RegAlert2012-05-10
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Central Bank of Egypt Decision No. 2408/2008 on Encouraging Banks to Finance Small and Medium-Sized Enterprises
Decision No. 2408/2008 of the Central Bank of Egypt exempts banks from the 14% reserve requirement for credit granted to small and medium-sized enterprises (SMEs) starting January 1, 2009. SMEs are defined as entities with annual sales between 1 million and 20 million Egyptian pounds and paid-up capital between 250,000 and 5 million Egyptian pounds. The decision mandates the Supervision and Inspection Department to issue detailed implementation rules, establishes a specialized unit at the Egyptian Banking Institute to support banks, and requires coordination with relevant authorities to develop infrastructure, credit reporting, and legislative frameworks to facilitate SME financing. The decision enters into force on January 1, 2009.
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Mr. Professor /
Bank
Greetings,
In light of the importance of the role of the domestic banking sector in supporting the national economy and developing and activating various enterprises and establishments, especially small and medium-sized enterprises that do not easily receive banking financing and still face difficulties in obtaining financing. A decision was issued by the Board of Directors of the Central Bank of Egypt No. 2008/2408 at its meeting held on December 16, 2008 (attached image) regarding encouraging banks to finance small and medium-sized enterprises and establishments.
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Source: Central Bank of Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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