The Egyptian Central Bank has worked to activate the role of the Credit Risk Guarantee Company, within the framework of the directives of His Excellency President Abdel Fattah El-Sisi, President of the Republic, in order to implement a rescue package to support the national economy and face the repercussions of the emerging Corona virus, Covid 19.
As the guarantee mechanism is a key element on which all global economic policies agree to provide the necessary liquidity for the private sector, support the continuation of business and maintain employment, and that is by encouraging banks to provide the necessary financing for all businesses and individuals with acceptable conditions, especially for the affected sectors.
The credit risk guarantee company succeeded in playing its role in supporting the national economy through the central bank initiatives to deal with the pandemic, as the company’s portfolio represented about 2.3% of the GDP for the year 2020.
This will be in addition to supporting the state budget with more than 600 million pounds in insurance and taxes by providing 120,000 job opportunities and also contributing through the programs of support for major and tourism projects in preserving an existing workforce of around 100,000 workers.
The company also achieved a leap in the volume of its business during the year 2020 by more than 100% over the year 2019, as the volume of the guaranteed credit portfolio of the company reached about 95 billion pounds, from which more than 69 thousand customers of small, medium and large enterprises benefited and 100,000 customers in the micro-sector.
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