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FSVC Receives $2 million to Improve SME Financing in Egypt
The U.S. Department of State’s Middle East Partnership Initiative (MEPI) selected FSVC to run a two-year program to promote the development of an innovative and competitive class of small and medium enterprises (SMEs) in the Egyptian market. To promote such a base, FSVC will provide technical assistance to banks and non-bank financial institutions (NBFI) to develop policies that provide increased financing for growing businesses. Specifically, FSVC will implement a two-part program. First, FSVC will provide consultations and technical assistance to commercial banks and NBFIs to strengthen risk management practices, develop a robust set of SME-related products and services, and expand outreach to the SME market, which together will improve the organization and provision of finance to SMEs. Second, FSVC will arrange consultations to increase the exchange of information between Egyptian regulators and financial institutions, as well as promote regulatory approaches that facilitate greater access to finance for Egyptian SMEs.