Abdel Fattah El Sisi's initiative assigning the banking sector to pump EGP 200 billion in the form of new loans for SMEs will give a strong push to the production process, legal consultant at the Federation of Egyptian Banks Roqaya Riyad said.

SMEs are a great tool to provide jobs to youths, reduce unemployment rates, improve income and gross domestic product and encourage export, Riyad told MENA on Monday.

The move was preceded by other serious presidential decisions in the same context, she said, pointing out to a presidential decree issued on the law regulating movable guarantees to activate funding and loaning micro, small and medium enterprises (MSMEs), she said.

He also revived the finance lease activity, Riyad added.