Aref: Facilitations are a catalyst for legalizing the informal economy
The Tenth of Ramadan Investors Association expressed its desire to cooperate with the Central Bank during the coming period to enable small and medium enterprises in the Tenth Industrial Zone of the new financing initiatives to develop their activities.
Dr. Samir Aref, Chairman of the Association’s Board of Directors, said that the new financial facilitation package issued by the Central Bank and the provision of EGP 117 billion in additional funds to support small and medium-sized enterprises will create great popularity and help to confront the random economy.
Aref added to the “stock market” that the association will address small industrial projects in the region that have plans to rapidly develop to apply to banks and obtain the necessary funds to support their projects to meet the needs of large factories in terms of production requirements.
Aref explained that the region has about 5,000 small and medium industrial projects, and it will benefit from state support by providing the necessary funds and facilities.
He stated that small enterprises have a major role in achieving economic integration, meeting local demand for most commodities, and reducing the import bill, which is what the state seeks in addition to helping to create new job opportunities for workers and those with innovative ideas and projects.
On Monday, the Central Bank decided to increase financing directed to small and medium-sized companies from 20% to 25% of the banks’ credit portfolio, which leads to an additional 117 billion pounds being directed into this sector by the end of December 2022, and the availability of financing for more than 120 thousand Company and facility.
The article “The Tenth Investors”: Directing small enterprises in the city to benefit from the “Central” initiative was written in the Al-Borsa newspaper.