The Central Bank of Egypt (CBE) reported that banks operating in the Egyptian market provided EGP4 bn in indirect financing for the Decent Life initiative during the second half of 2022.
The financing represents loans granted through associations and micro-enterprises that obtained facilities from the banks participating in the initiative.
President Abdel Fattah Al-Sisi launched the Decent Life initiative in January 2019 to improve the living conditions and quality of services for low-income groups nationwide, especially in rural areas.
According to the CBE’s financial stability report, banks provided EGP1.6 bn to small and medium enterprises and EGP2.1 bn to micro-enterprises as part of the initiative.
The CBE also revealed that banks opened 1.5 million accounts as part of financial inclusion activities in 2022, in addition to 337,000 electronic wallets and 1.6 million prepaid cards.
