Saturday, July 19, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

CGC guarantees $5.87bln for SMEs in 9M 2023

Simon Osuji by Simon Osuji
October 25, 2023
in Telecoms
0
CGC guarantees $5.87bln for SMEs in 9M 2023
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter


Credit Guarantee Company (CGC) continues to support the national economy, despite the challenging conditions faced by the world’s economies due to recent wars and crises.

The company, in collaboration with the Egyptian banks, succeeded in providing guarantees worth more than EGP 181.54bn to 223,000 beneficiaries from SMEs in the first nine months of 2023.

This reflects the company’s mission of supporting the national economy by facilitating financing for SMEs and enabling them to overcome the multiple challenges of this period.

Naglaa Bahr, CGC Managing Director, commented: “The role of the guarantee is to support the growth of the national economy, especially in difficult circumstances. This is achieved by focusing on supporting small, medium, and micro enterprises with customized guarantee products that meet the changing market needs. This contributes to empowering entrepreneurs, helping them to continue their businesses and creating new job opportunities for youth and women.”

Bahr added that 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.

Nagla Bahr explained that the company’s portfolio, in cooperation with the Egyptian banks, provided financing of more than EGP 264bn to more than 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.

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.

It is worth noting that CGC recently won the Product Innovation of the Year Award from the Global SME Finance Forum 2023. This award recognizes CGC’s success in providing financing solutions for SMEs through its innovative program “Engz” and its modern digital platform.

CGC is the first company in Egypt entrusted with issuing guarantees with governmental and international support. Established in 1991, CGC Egypt is under the supervision of the Central Bank of Egypt. CGC participates in and reduces risks for financial institutions (banks and non-banks) and enables them to provide financing for micro, small, and medium-sized projects.

© 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).



Source link

Related posts

Upstream Momentum Builds in Ghana as Eni Declares Eban-Akoma Commercial and Tullow, Kosmos Extend Licenses

Upstream Momentum Builds in Ghana as Eni Declares Eban-Akoma Commercial and Tullow, Kosmos Extend Licenses

July 19, 2025
The Chairperson of the African Union Commission Welcomes the Signing of Declaration of the Principles Between the Democratic Republic of the Congo and the Alliance Fleuve Congo / March 23 Movement (AFC/M23)

The Chairperson of the African Union Commission Welcomes the Signing of Declaration of the Principles Between the Democratic Republic of the Congo and the Alliance Fleuve Congo / March 23 Movement (AFC/M23)

July 19, 2025
Previous Post

Coastal Waters Turning into ‘World’s Biggest Transnational Crime Scene’

Next Post

Binance is Reportedly Behind New Hong Kong Crypto Exchange

Next Post
Binance is Reportedly Behind New Hong Kong Crypto Exchange

Binance is Reportedly Behind New Hong Kong Crypto Exchange

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Town Unified in Prayer and Hope Amid Political Storm, Led by Pastor’s Compassionate Leadership

Town Unified in Prayer and Hope Amid Political Storm, Led by Pastor’s Compassionate Leadership

10 months ago
Harnessing CRISPR-Gene Editing to Create Disease-Resistant Crops – ACTS

Harnessing CRISPR-Gene Editing to Create Disease-Resistant Crops – ACTS

3 months ago
Eyes full of pride, heart full of hope

Eyes full of pride, heart full of hope

4 months ago
Uganda mid-year financial reporting season thrills investors

Uganda mid-year financial reporting season thrills investors

11 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • Tanzania’s natural gas sector goes global with Dubai deal

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.