CGC receives the Product Innovation of the Year Award from the Global SME Finance Forum 2023

The Global SME Finance Forum, a subsidiary of the International Finance Corporation, has granted CGC the product innovation award of the year, for its leading role in providing innovative products and services to SMEs. CGC has achieved remarkable results in providing tailored financing and servicing solutions for SMEs.

The Global SME Finance Forum grants awards to financial institutions that have successfully launched innovative products or services for their SME clients, achieved tangible results in expanding financing for SMEs, demonstrated commitment to serving SMEs, and provided innovative financial services. The sixth edition of the forum took place from September 12th to 14th, 2023.

Naglaa Baher, Managing Director of CGC, expressed that receiving the award in the Innovative Products category from the Global SME Finance Forum 2023 is a recognition of their success in providing necessary financing for these projects through their program ” Engz” and its advanced digital platform.

Baher emphasized that the speed of developing and introducing innovative guarantee products that meet the changing market needs contributes to supporting SMEs, enabling them to continue their operations and create new job opportunities for young people.

Bahr also noted that through “Engz” program, CGC has successfully reached new groups and categories of non-bankable SME’s.

CGC, in cooperation with Egyptian banks, has successfully provided financing of more than EGP 263 Billion to over 184K SME by 2nd quarter closure of 2023. More than 50% of this financing was directed towards youth and 23% towards women.

Matthew Gamser, CEO of the Global SME Finance Forum said, “I am proud to announce that CGC obtained the Product Innovation Award.

Matthew Gamser added, “Every year sees more applications from more countries, and this year was our biggest increase ever. The competition also gets tougher every year. All who’ve been recognized in any way should be very, very proud of their achievements.

Launched in 2018 and now in its sixth year, the Global SME Finance Awards capture the effective and successful practices of financiers, honoring the innovative products and services for SME clients that have achieved impressive results in expanding finance and services to SMEs and the institutions that undertake those efforts.

It is worth mentioning that CGC previously won the Silver Award for providing the best support for SMEs in 2021 in the MENA region. The award was announced during the events of the SME Forum in 2021.

CGC Egypt is the biggest SME hub, entrusted with issuing guarantees in Egypt, through facilitated governmental and international support since its inception in 1991 as an Egyptian joint stock company that follows international operating standards, and it is subject to the supervision of the Central Bank of Egypt.