CGC’s 35-Year Milestone: £262.53 Billion in Guarantees – A Testament to Unwavering Support
CGC Guarantee Company Announces Plans to Support Small and Medium Enterprises
The company disclosed its “CGC Guarantee” plan, aiming to cover small and medium enterprises by the end of this year. This move emphasizes the organization’s support for the state’s clear direction in backing small, small, and medium enterprises, given their significant impact on creating job opportunities, especially in regions represented as the backbone of the economy, such as industry, agriculture, supply, and export sectors.
CGC Guarantee Company has successfully issued guarantees to financial institutions worth a total of £262.53 billion over the past 35 years, contributing to the support and financing of a large number of projects of various sizes.
The company aims to continue supporting small and medium enterprises while playing its full role in supporting youth by creating job opportunities for around 260,000 youth over the years.
As for the company’s financial position, it has a strong financial position that enables it to continue to act as a major supporter of small and medium enterprises. The capitalization at the end of the second quarter of 2024 was approximately 2.5 billion pounds, making the company adequate to face market fluctuations and economic challenges, in addition to maintaining allocations.
Khaled Gamal, Managing Director of CGC Daman Company, stated, “The company has succeeded in achieving many accomplishments that have contributed to the support and development of the Egyptian economy since its establishment in 1989, through close relationships with the banks it operates within the Egyptian market. The company has provided assistance and financing to a number of large projects with a focus on increasing financing opportunities for small and micro enterprises.”
He added, “The CGC Daman Company has played an important role during its 35 years of presence in the Egyptian market in facilitating projects’ access to the financing needed for their growth and continuity, creating new job opportunities, and promoting sustainable economic development.”
CGC Daman Company Managing Director noted that the company is committed to supporting small, medium, and micro enterprises for continuous development and innovation, as well as creating new work processes to keep up with the continuous economic changes. This contributes to providing opportunities for financing new systems, which have also been developed for small and micro enterprises, and for communication with banks that increase the role of companies in supporting entrepreneurs and contribute to creating a more diversified economy that relies on the latest secure means of information in accordance with central control rules. Bank, with modern digital channels for instant bank-to-bank data exchange, which facilitates all transactions and is part of the digital transformation strategy adopted by the company.
Notably, 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 ensure sustainability.