A number of private and public-sector banks decided to direct their credit policies towards small and medium-size business projects, as these types of projects employ 80 percent of the local manpower.
Barclays Bank Corporate Credit Manager Akram Tinawi said his bank allocated LE1 billion for this purpose. "We want to contribute to reducing the unemployment rate," he said.
United Bank allocated the same amount for these businesses, Faisal Bank allocated LE1.9 billion and Misr Bank LE300 million.
However, banking expert Ahmed Adam said this would be difficult to implement. "Those types of businesses don’t have solid collateral," he said. "Some of them don’t even have tax cards or other official documents."
Translated from the Arabic Edition.
