Alexandria business association participated in the second Egypt business solutions summit. themed “fill the gap.” aims to shed. Light on financing legislative and regulatory gaps that represent a challenge to the business community to come up with solutions helping to accelerate economic growth. On Monday, November 6, 2023, at the InterContinental Hotel in Cairo.
In his speech, Mr. Mohamed Hanno – Chairman of Alexandria Business Association, highlighted the government’s efforts in the microfinance sector, as it has become attractive to institutions specialized in microfinance and indeed there are many financing products dedicated to small and micro companies, but sometimes the product is not suitable or does not contain sufficient diversity.
Mr. Hanno also shed light on the challenges facing small and medium enterprises that provide their needs from the banking sector, as the long period of approval of credit and multiple and sometimes exaggerated guarantees, which adds to the cost of the loan in addition to the high interest rate, so the high cost and guarantees required lead to the reluctance of some owners of small enterprises to resort to available sources of financing.
The Small and micro Enterprises Project of the Alexandria Business Association also participated through a booth to present the services provided by the project, which is represented in providing financing and non-financing services while investing in human and technological resources to support and develop the owners of small and craft activities and projects to achieve a better life economically, socially and healthily while maintaining a balance of financial and social performance through 113 branches in 19 governorates in Egypt.