Washington, D.C., March 6, 2018 – Credit Guarantee Company (CGC Egypt) became the newest member of the SME Finance Forum, a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.
“200 million businesses worldwide need financing to invest, grow and create new jobs. We are proud to have CGC Egypt join our network of 140 members who work to expand access to finance for small and medium businesses,” said Matthew Gamser, CEO of the Forum.
More than 90 percent of CGC Egypt’s shareholders are banks. CGC Egypt has reached more than one million MSME clients through its application of guarantee products.
“Membership with the SME Finance Forum will expand our successful reach with MSMEs through its offerings of customized data analysis and benchmarking,” said Nagla Mohamed Mahmoud Bahr, Managing Director of CGC Egypt. “Additionally, the Forum’s learning opportunities through webinars and member working groups will allow us to respond to the needs of the MSME sector.”
To see all SME Finance Forum members, please visit: https://www.smefinanceforum.org/members/member-list
About SME Finance Forum
The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative. In 2015, the SME Finance Forum partnered with CapitalPlus Exchange to expand and upgrade the former Small Business Banking Network.
About Credit Guarantee Company (CGC Egypt)
Credit Guarantee Company (CGC Egypt) is a private, joint stock company with banks presenting more than 90 percent of shareholders. CGC Egypt started operation in 1991 with a clear mission of strengthening the competency of the micro, small and medium enterprises (MSME) through the application of effective guarantee products capable of encouraging the financial institutions (banks and non-banks) to vigorously respond to the financial needs of this sector. CGC Egypt was able to reach a Cumulative Guarantee Issued Amount of LE 19 billion by December 31, 2016 and served more than 27,000 clients, excluding the micro, that alone reached more than one million clients of the target groups of MSMEs.
