Regulatory Alerts2017-05-23
Added · Updated
Circular dated May 23, 2017 regarding the Microfinance Initiative
The Central Bank of Egypt requires banks to establish internal policies for microfinance, classify such loans separately from personal loans in credit scoring, and include them in the 20% credit portfolio allocation mandate for small and medium enterprises. Banks are authorized to provide credit facilities to licensed microfinance companies and associations, subject to specific internal classification systems and adherence to attached credit study guidelines. These guidelines mandate minimum experience for management, approved business plans, robust credit policies, automated information systems, and compliance with financial reporting standards.
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