Regulatory Alerts2022-12-15
A circular dated December 15, 2022 regarding extending the target percentages for companies and micro, small, and medium enterprises until December 2023.
Cairo, December 15, 2022 - The Board of Directors of the Central Bank of Egypt has decided to extend the deadline for implementing some instructions issued in February 2021 concerning **obliging** banks to allocate a certain percentage of their guarantees facilities to small and medium-sized enterprises (SMEs) until December 31, 2023. This will also include directing 10% of these funds towards financing SMEs during this additional year. The Central Bank of Egypt's Board of Directors agreed on the following: - Extending the deadline for implementing the February 2021 instructions regarding **obliging** banks to allocate 25% of their guarantee facilities to SMEs, as well as directing 10% of these funds towards financing small businesses. The new deadline is now December 31, 2023, replacing the previous deadline of December 31, 2022. The Central Bank appreciates your cooperation in implementing these important instructions and looks forward to your ongoing support during this transition period.