Dear Sir / Chairman of the Board of Directors,

Greetings,

In light of the interest the Central Bank of Egypt attaches to the small and medium enterprises sector, and affirming the role of banks in financing these companies due to the fundamental role this type of financing plays in developing the national economy, providing employment opportunities for youth, and reducing unemployment rates, and referring to the Central Bank of Egypt's initiative encouraging banks to finance small and medium enterprises and establishments issued pursuant to the Board of Directors' resolution in its meeting held on December 16, 2008, I would like to inform you that in light of the differing definitions banks use for this category of companies, it was necessary to establish a unified definition in accordance with what is practiced in most countries of the world, in order to provide accurate and comprehensive data about this sector. It was also necessary to make amendments to some existing supervisory instructions, including the rules organizing the credit registration system at the Central Bank of Egypt issued pursuant to the Central Bank of Egypt Board of Directors' resolution in its meeting held on April 26, 2005, as well as the principles of creditworthiness assessment for customers and provisioning issued pursuant to the Central Bank of Egypt Board of Directors' resolution dated May 24, 2005 (attached table showing amendments to creditworthiness assessment principles).

Accordingly, the Board of Directors of the Central Bank of Egypt decided in its meeting held on December 3, 2015 the following:

1. Companies and micro, very small, small, and medium enterprises and establishments are defined as follows:

Category
New
(Newly Established)
		No
	Company
Size	Capital	Size
Paid-up Capital	Employees*	of Sales
Employees	and	(Annual
	Establishments	Revenue)
Less	Micro
than	Less
	than
	1 million
	EGP.
Less
than	Less
than
50 to
EGP.
10 individuals	No
	Very Small
	Less
	than
	1 million
	to
	less
	than
	10
	million
	EGP.
than
50 to
EGP. to
5
million
EGP	for Industrial
Establishments	No
and 3
million
EGP for
non-
industrial.
Less	Less
than 200	than
individuals
	10
	million to
	less
	than
	20
	million
	EGP.
than
5
million
EGP to
10
million
EGP	for Industrial
Establishments,
and
3
million
EGP	from
	20
	million to
	less
	than
	100
	million
	EGP.
to
5
million
EGP for non-
industrial.

• Employee size is indicative and not specified for the definition of the company or establishment.

"Paid-up capital" is used in the case of new companies and establishments instead of sales size, for a period of one year from the start of activity until they have data on sales size available, so this classification is temporary and thereafter the original definition based on sales size is applied.

2. Amendment to the Central Bank of Egypt initiative issued by Board of Directors Resolution No. 2008/2408 dated December 16, 2008 regarding exempting banks from the reserve ratio against direct loans granted to micro, very small, small, and medium enterprises and establishments as follows: a. The initiative applies to both micro and very small companies and establishments. b. Article Two of the initiative regarding the conditions that must be met by the companies and establishments subject to exemption is amended according to the new definition proposed above. c. Clause 6(c) of the detailed rules and procedures issued on January 14, 2009 regarding the necessity of obtaining a certified certificate from the auditor on the company's sales size or sales for the closest quarter of the financial year is repealed.

3. Regarding the Central Bank of Egypt Board of Directors Resolution No. 2008/205 dated January 22, 2008 regarding the Egyptian Credit Information Company (Score-I) providing credit information and classification services for small and medium enterprises and establishments, and requiring all banks and real estate financing and financial leasing companies to obtain credit information and data regarding debts of those companies and establishments whose credit granted to any of them does not exceed one million EGP.

It is necessary to confirm according to the new definition in Clause (1) for the size of credit granted (up to a maximum of one million EGP), instead of the confirmation according to the credit granted (up to a maximum of one million EGP), so that the Egyptian Credit Information Company (Score-I) displays companies and establishments according to the new definition within its issued reports.

4. According to the Central Bank of Egypt Board of Directors Resolution in its meeting held on April 26, 2005 regarding the rules organizing the credit registration system at the Central Bank of Egypt, banks are obliged to confirm the status of each client provided with financing or credit facilities amounting to 30,000 Egyptian pounds or more, whether natural or legal person. And in light of the addition of the new definition to the confirmation of the type of companies and establishments (micro, very small, small, medium), it is necessary for the confirmation according to this purpose to include the Central Bank of Egypt making this information available for review.

5. Central Bank of Egypt Board of Directors Resolution No. 2008/2408 issued in its meeting held on December 16, 2008 regarding encouraging banks to finance small and medium enterprises and establishments.

6. Amendment to the principles of creditworthiness assessment for customers and provisioning, issued by the Central Bank of Egypt Board of Directors Resolution dated May 24, 2005 as follows: a. Amendment of Clause /1/h-"Regarding the results of 'Financial Position Analysis of the Client according to his financial statements for at least three years...', so that banks are allowed to finance very small and micro enterprises and establishments - according to the definition above - during the first year of dealing without obtaining audited financial statements from the auditor, given that most of them work in the informal sector and allowing sufficient time to gradually qualify them to prepare audited data and financial statements. While ensuring that the bank's credit policy includes appropriate controls that align with financing this type of company to ensure the verification of the soundness of the client's financial position.

b. Consideration of applying credit risk management rules and creditworthiness assessment principles for institutions included in Clause "First

c. Amendment of Clause "Thirdly

Banks are granted a period to regularize their status according to the above, ending on June 30, 2016.

6. The necessity of developing specialized departments in financing small and medium enterprises and establishments in banks by establishing policies, procedures, and internal systems, and starting to collect the necessary data to establish a suitable classification system for the nature of this category of clients, to be applied within a maximum of three years from its date.

Please be kind enough to alert to take the necessary action to implement the aforementioned decision.

Accept our highest respect.

Tarek Amer

(Appendix) Clarification of Clause (5) of the Central Bank of Egypt Board of Directors Resolution in its meeting held on December 3, 2015 regarding amendments to the principles of creditworthiness assessment for customers and provisioning issued by the Central Bank of Egypt Board of Directors Resolution dated May 24, 2005

	Clause
	Before
	Amendment
After
Amendment
Credit Risk
Management
and
Principles of
Assessment	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to
	finance
	Companies
	and
	Establishments
	that are
	Very Small
	and Micro
	(according
	to the
	new
	definition)
	in the
	first year
	of dealing
	without
	obtaining
	audited
	financial
	statements
	from
	the
	auditor.

	Credit Risk
	Management
	and
	Principles of
	Assessment
	of
	Creditworthiness
	for
	Institutions
	included
	in
	:
	First
	Companies
	and
	Medium
	Enterprises:
	It is
	necessary to
	consider the
	following
	factors in
	determining
	creditworthiness:
	...
	...
	Results of
	Financial
	Position
	Analysis of
	the Client
	according to
	his
	financial
	statements
	for at
	least three
	years
	...
	/1/h-
	First
	Banks are
	allowed to

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