Egypt’s Credit Guarantee Company (CGC) registered a more than 100% year-on-year (YoY) growth in its business volume in 2020.
According to a statement issued by the Central Bank of Egypt (CBE) on Sunday, the value of the company’s guaranteed credit portfolio reached EGP 95 billion provided to more than 69,000 small-, medium- and large-sized enterprises (SMEs) and 100,000 micro-enterprises.
The company registered a market share of 42% in terms of total credit provided to micro-, small-, and medium-sized enterprises (MSMEs).
It confirmed its commitment to support the national economy through the initiatives of the Central Bank of Egypt (CBE) especially the COVID-19 response initiatives as the company’s portfolio accounted for 2.3% of the gross domestic product (GDP) in 2020 and it supported the state budget by more than EGP 600 million worth of insurance and taxes.
