Bahr: CGC plays a vital role in supporting the national economy during tough times

Credit Guarantee Company, CGC Egypt, continues to support the national economy, despite the difficult conditions witnessed by the world’s economies caused by successive wars and crises in recent times. The company, in cooperation with the banks of Egypt, succeeded during the first nine months of 2023 to provide guarantees amounted more than 181.54 billion pounds provided to 223 thousand beneficiaries from SMEs. This comes as a confirmation of the company’s mission supporting the national economy through facilitating the provision of financing for SMEs and enabling them to overcome such period with multiple challenges.

On this occasion, Naglaa Bahr, CGC Managing Director, noted, “The role of the guarantee is to support the growth of the national economy, especially in the face of difficult circumstances. This is accomplished through its focus on supporting the category of small, medium and microenterprise owners while providing tailored guarantee products that meet the changing market needs, contributing to support entrepreneurs, enabling them to continue pursuing their business and creating new job opportunities for youth and women “

Bahr added that the role of CGC extends to providing technical support to entrepreneurs and owners of small, medium and micro enterprises through non-financial products in cooperation with the largest institutions, in addition to organizing courses for them through the company’s website.

Nagla Bahr explained that the company’s portfolio, in cooperation with the banks of Egypt, was able to provide financing of more than 264 billion pounds to more than 223 thousand SMEs by the end of the third quarter of 2023, more than 50% of this financing was directed to youth and 26% to women, as well as 2.97% to start-ups.

It is worth noting that the company accounted for 3.2% of GDP in 2022, in addition to supporting the state budget by more than 1.1 billion pounds, and providing 225 thousand jobs.

It is noteworthy that CGC recently won the Product Innovation of the Year Award from the Global SME Finance Forum 2023. This award represents recognition of the success of CGC in providing necessary financing solutions for SMEs, through its innovative program; “Engz”, and its modern digital platform.

CGC Daman is first company in Egypt, entrusted with issuing guarantees in Egypt, through facilitated governmental and international support since its establishment in 1991 CGC Egypt is under the supervision of the Central Bank of Egypt. GCG participates and reduces risks for financial institutions (banks and non-banks) and enables them through this mechanism to provide the necessary financing for Micro, Small and medium-sized projects.