CGC has issued guarantees worth 262.53 billion pounds over 35 years

CGC has issued guarantees worth 262.53 billion pounds over 35 years

September 2, 2024 Catherine Williams - Chief Editor News

12:11 PM

Sunday 01 September 2024

By Manal Al-Masri:

CGC Guarantee Company – owned by the Central Bank of Egypt – said it issued guarantees to financial institutions – companies and banks – with a total value of 262.53 billion pounds over the past 35 years until the middle of this year, which has contributed to support and finance a large number of projects of various sizes.

According to a statement from the company today, on the occasion of its 35th anniversary, the company aims to continue supporting small and medium enterprises while fulfilling its full role in supporting youth by creating employment opportunities for around 260,000 youth. In past years

According to the statement, the company plans to cover small and medium enterprises by the end of this year, as they have a strong impact on job creation, especially in sectors that represent the backbone of the economy such as industry, agriculture, logistics. and exports.

The company has a strong financial position that enables it to continue to act as a major supporter of small and medium enterprises, as the capital by the end of the second quarter of 2024 was approximately 2.5 billion pounds, in addition to the maintenance of the company, sufficient allocation to face market fluctuations and economic challenges.

Khaled Gamal, Managing Director of CGC Daman, said that the company provides support and financing to a large number of projects with a focus on increasing financing opportunities for small and micro projects through partnerships with banks operating in Egypt.

He noted that the company has developed new methods for communicating with banks that rely on the latest secure means of information in accordance with central bank regulations, including modern digital channels for instant data exchange with banks, which facilitate all transactions and are adopted by the company. Part of digital transformation strategy.

CGC Guarantee Company is the only company that provides guarantees in Egypt, and it aims to increase access to financing for micro, small and medium enterprises to enable them to grow and prosper and create strong business models that are guaranteed sustainable.