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Credit Guarantee Company (CGC) of Egypt in collaboration with the Egyptian banks will provide guarantees worth more than EGP 181.54bn to 223,000 beneficiaries from SMEs in the first nine months of 2023. This will help SMEs overcome the multiple challenges
Credit Guarantee Company (CGC) of Egypt in collaboration with the Egyptian banks will provide guarantees worth more than EGP 181.54bn to 223,000 beneficiaries from SMEs in the first nine months of 2023. This will help SMEs to overcome the multiple challenges.
Naglaa Bahr, CGC Managing Director, CGC, said that the role of the guarantee is to support the growth of the national economy by supporting small, medium, and micro enterprises. The scheme will help contribute to empowering entrepreneurs, helping them to continue their businesses, and creating new job opportunities for youth and women.
CGC also provides technical support to entrepreneurs and SME owners through non-financial products in partnership with leading institutions, as well as organizing courses for them through the company’s website. In cooperation with Egyptian banks, CGC provided financing of more than EGP 264bn to over 223,000 SMEs by the end of the third quarter of 2023. More than 50% of this financing was directed to youth 26% to women, as well as 2.97% to start-ups.
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The company accounted for 3.2% of GDP in 2022, in addition to supporting the state budget by more than EGP 1.1bn and providing 225,000 jobs. CGC recently won the Product Innovation of the Year Award from the Global SME Finance Forum 2023.
