Cairo -  Most Egyptian small- and medium-sized enterprises (SMEs) are optimistic about future growth, encouraged by access to training, better data, and digital payments, according to a report released by Mastercard on Sunday.

The inaugural Mastercard Middle East and Africa (MEA) SME Confidence Index showed that 73% of SMEs in Egypt expressed a positive outlook for the coming 12 months.

About 85% projected revenues to either grow or remain the same and 68% expected an increase.

Growth will likely be driven by access to training and development support (47%), better data and insights (45%), and accepting digital payments, the report showed.

As for the concerns, 50% cited the rising cost of doing business, while 46% mentioned access to capital.

Private sector partnerships and government-led initiatives were considered as having the biggest potential to positively impact SMEs and the Egyptian market.

In February, the Central Bank of Egypt (CBE) instructed banks to raise the share of loans to micro, small, and medium enterprises (MSMEs).

Mastercard works with the government, financial institutions, and businesses to create opportunities for 1.7 small enterprises in Egypt.

Globally, Mastercard pledged $250 million and committed to connect 50 million MSMEs to the digital economy by 2025.

Source: Mubasher

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