Small and Medium Enterprises in Egypt: New Facts From A New Dataset

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Small and Medium Enterprises in Egypt: New Facts from a New Dataset
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Journal of Business and Economics, ISSN 2155-7950, USA
February 2014, Volume 5, No. 2, pp. 142-161
 Academic Star Publishing Company, 2014
http://www.academicstar.us
Small and Medium Enterprises Landscape in Egypt:
New Facts from a New Dataset*
Hala El-Said, Mahmoud Al-Said, Chahir Zaki

(Faculty of Economics and Political Science, Cairo University, Cairo, Egypt)
Abstract: Small and medium sized enterprises (SMEs) have usually been perceived as a dynamic force for
sustained economic growth and job creation in developing countries. In Egypt, despite banking reforms that have
been launched in 2004, the ability of SMEs to more easily access suitable and sufficient means of finance has
always been considered a major obstacle facing many SMEs. For this reason, and in order to be able to extend the
financial services provided to this segment and increase the benefits of the banking reform, the Central Bank of
Egypt launched in December 2008 an initiative, as an integral part of the Second Phase of the Banking Sector
Reform Program (2008-2011), to enhance SMEs access to finance and banking services. In this paper, we present
a descriptive analysis of the SMEs landscape in Egypt relying on this extensive census. The main findings of the
census show that there is a high concentration of SMEs at different levels. First, the geographical distribution of
SMEs is significantly skewed since almost half of them are concentrated in three governorates Sharkeya, Cairo
and Gharbeya. Second, they are chiefly operating in two economic activities, namely manufacturing and trade.
Third, a very few firms are exporting. Finally, financial services seem to be under-utilized by SMEs as only 50
percent are dealing with banks and benefiting from an improved access to finance.
Key words: SMEs; access to finance; Egypt
JEL codes: D2, G21, P42
1. Introduction
Micro, small and medium sized enterprises (SMEs) have usually been perceived as a dynamic force for
sustained economic growth and job creation in developing countries. From a social viewpoint, SMEs secure
livelihood for a large and ever expanding segment of the population. In Egypt, there are around 2.5 Million SMEs
representing 75% of the total employed workforce and 99% of non-agricultural private sector establishments.
Despite their importance, they are still facing several problems, in particular access to finance which a typical
challenge in developing countries. In fact, 70% of non-OECD countries report SME financing gap compared to 30%
in OECD ones. Therefore, reducing this SMEs financing gap in low-income countries should increase the
*
An empirical version of this paper entitled “Access to Finance and Financial Problems of SMEs: Evidence from Egypt” in the
International Journal of Entrepreneurship and Small Business, Vol. 20, No. 3, pp. 286-309.
Hala El Said, Professor of Economics and Dean of the Faculty of Economics and Political Science, Cairo University; research
areas: financial sector, privatization and economic reform. E-mail: hala.elsaid@feps.edu.eg.
Mahmoud Al-Said, Associate Professor of Statistics, Cairo University; research areas: statistics and quality control. E-mail:
mamahmou@yahoo.com.
Chahir Zaki, Assistant Professor of Economics, Cairo University; research areas: international trade, modeling and
macroeconomics. E-mail: chahir.zaki@feps.edu.eg.
142
Small and Medium Enterprises Landscape in Egypt: New Facts from a New Dataset
incentive of SMEs creation and consequently improve economic growth and increase job creation. In addition,
improving the access to finance of SMEs is significantly important in promoting entrepreneurship and innovation.
In Egypt, despite banking reforms that have been launched in 2004, the ability of SMEs to more easily access
suitable and sufficient means of finance has always been considered a major obstacle facing many SMEs (Egyptian
Banking Institute, 2009). It is worthy to mention that, from a supply point of view, the majority of banks are
becoming more risk averse towards SMEs, especially due to a wide spread notion that financing SMEs is risky and
that serving them requires high transaction costs which makes them less profitable than larger companies (El Said
et al., 2013).
For this reason, and in order to be able to extend the financial services provided to this segment and increase
the benefits of the banking reform, establishing a database for SMEs to serve bankers as well as policy makers
seems to be an important priority. Hence, the Central Bank of Egypt launched in December 2008 an initiative, as
an integral part of the Second Phase of the Banking Sector Reform Program (2008-2011), to enhance SMEs access
to finance and banking services. In this respect, and due to the importance of the availability of timely and
accurate information, the Central Bank of Egypt (CBE) and the Egyptian Banking Institute (EBI) commissioned
the Central Agency for Public Mobilization and Statistics (CAPMAS) to conduct an SME nation-wide census,
fully focusing on value added formal economic activities on a full census basis. The Center of Surveys and
Statistical Applications (CSSA) at the Faculty of Economics and Political Science, Cairo University undertook the
project on- site quality control. This survey includes quantitative and qualitative characteristics of each company
or unit. This includes identifying the number of employees, legal status, economic activity, level of exports, sales
turnover, invested capital and the problems facing each company in dealing with banks, etc.
The descriptive analysis of this paper is largely inspired from a companion paper (El-Said et al., 2013) in
which we conduct an empirical analysis of the determinants of access to finance of SMEs in Egypt. Yet, the
contribution of this paper is that it provides a much more detailed descriptive analysis at several fronts: access to
finance, exports, regional location, economic sectors and factors of production. The main findings of the census
show that there is a high concentration of SMEs at different levels. First, the geographical distribution of SMEs is
significantly skewed since almost half of them are concentrated in three governorates (Sharkeya, Cairo &
Gharbeya). Second, they are chiefly operating in two economic activities, namely manufacturing and trade. Third,
a very few firms are exporting. Finally, financial services seem to be under-utilized by those firms as only 50
percent are dealing with banks and benefiting from an improved access to finance. It is worthy to mention that
those financial services are also concentrated in the same governorates and the same economic activities that have
been mentioned above.
The paper is organized as follows: Section 2 presents some stylized facts regarding the banking sector reform
in Egypt. Section 3 shows the questionnaire design. Section 4 presents a landscape of SMEs characteristics using
the firm-level data that have been collected. Section 5 focuses on SMEs and their access to finance. Finally,
section 6 concludes and presents some policy implications.
2. Banking Reform in Egypt
The Central Bank of Egypt in 2004 adopted a reform program that aims at building solid infrastructure and
more efficient and sound banking sector. Although the global financial crisis led to many negative repercussions
on several world economies, the Egyptian banking sector weathered the negative repercussions due to the
143
successful reform program that have launched in 2004. Indeed, as it was mentioned by the World Bank (2009)
“the Egyptian financial sector is the most far reaching, substantive and comprehensive drive toward financial
sector strengthening so far in Egypt-and indeed in any other country of the Middle East and North Africa region”.
This reform has been implemented in two phases. The first phase had three main pillars: first, strengthening
the legal, regulatory and supervisory framework; second, consolidating the banking sector and increasing private
participation within banking assets and finally the financial, operational and institutional restructuring of
public-sector banks. Those reforms led to a robust, solid and well capitalized banks (see Table 1), as banks
decreased from 57 to 39; assets increased by 88% to reach EGP 1.1 billion in 2008 up from EGP 0.57 billion in
2003; total deposits increased by 85% over the same period; capital adequacy ratio increased from 12.2% to reach
15.1% and total net worth increased by more than 100% from EGP 32 billion to EGP 75 billion.
Table 1 Banking Aggregates before and after 2004 Reform

LE million (as at June) 2003 2008 % change
Total Assets 577,938 1,083,311 + 87.7%
Total Deposits 403,144 747,199 + 85,3%
Loans & Discounts 284,722 401,425 + 41.2%
Capital & Reserves 29,960 53,436 +82.7%
Source: Central Bank of Egypt.
The second phase of the banking sector reform program that started in 2009 aims at deepening the Egyptian
banking sector and enhancing its efficiency and competitiveness through enhancing Access to Financial Services,
continuing the strengthening of the regulatory and supervisory framework through the implementation of Basel
II/III and enhancing the implementation of Corporate Governance rules and regulations. Those reforms increased
the loans-deposits ratio reaching 54%, average loans-GDP ratio reaching 49.4% and average deposits-GDP ratio
reaching 90%. Those figures are much higher than the world average in 2008.
Yet, despite this significant improvement at the macroeconomic level, there is still a challenge related to the
access to finance, especially for SMEs. Figure 1 shows that, in non-OECD countries, bank’s primary target is
large enterprises that represent only 1 percent of total firms. By contrast, micro-firms, though representing around
70 percent of total firms, get merely credit or financial services from banks.
Corporate, Multinational and

Large Enterprises Bank’s Primary Target
1%
Medium Enterprises
5-10%
20% Small Enterprises
65-75%
Micro-Enterprises
Micro Finance Institutions
Figure 1 Business Landscape in Non-OECD Countries

Source: OECD, 2011.
144
For this reason, and in order to be able to extend the financial services provided to this segment and increase
the benefits of the banking reform, establishing a database for SMEs to serve bankers as well as policy makers
seems to be an important priority. Hence, as it was mentioned before, the Central Bank of Egypt launched in
December 2008 an initiative, as an integral part of the Second Phase of the Banking Sector Reform Program
(2008-2011), to enhance SMEs access to finance and banking services. The next section provides more details
about this census.
3. Questionnaire Design
3.1 Structure
The questionnaire includes four main categories of questions.
First, it contains some general information regarding the legal status of the firm (whether it is a partnership, a
limited liability firm, branch of a foreign firm, sole proprietorship, etc.). In addition, since only formal firms are
taken into account, the interviewee should mention the number and the date of his industrial and commercial
registration.
Second, it includes some information related to the firm endowments, such as the number of workers (less
than 20; from 20 to 34; from 35 to 50 and more than 51) and the value of the capital.
Third, the questionnaire is categorizing firms according to the sales turnover which is the variable banks
consider the most while giving loans. In addition, this section includes some questions showing whether the firm
exports or not, the destination of exports (Arab countries, African countries, other) and the share of exports to total
sales (less than 25%, from 25 to 50% and more than 50%).
Fourth, the questionnaire contains a final module on access to finance by asking the interviewee:
 whether she/he deals with banks or not,
 whether she/he benefits from some banking facilities or not,
 whether she/he faces problems with banks or not and if yes, she has to determine the type of the problems
(high interests, commissions and administrative expenses; banks ask for a lot of collaterals; procedures are lengthy
and complicated; banks ask for a lot of documents; others)
3.2 Scope
The census covers all SMEs in Egypt, identified here as every company or economic activity:
 That is formally registered: therefore we exclude informal firms which represent almost 20 percent in Egypt
 That employs five employees or more.
 That has a significant economic value added: thus activities of limited economic value added have been
excluded, namely Barber shops, beauty salons and kiosks were excluded from the survey.
In other words, three filters have been taken into account in order to include only registered firms with more
than 5 employees and having a significant value-added. Based on these criteria, the census ended-up by including
around 36,492 firms.
3.3 Methodology
First, it is worth to mention that the framework used is that developed by the Central Agency for Public
Mobilization and Statistics (CAPMAS) in 2006 adding new establishments and excluding activities of limited
economic value added. Second, the primary data was obtained through conducting face to face interviews with
SMEs, using a well-structured questionnaire designed jointly by Central Bank of Egypt (CBE)/Egyptian Banking
145
Institute (EBI) committee in consultation with an experienced statistician to measure both quantitative and
qualitative factors. The census was done through seven phases to guarantee the quality of the collected data
 Pre-testing the questionnaire: A pretest of the questionnaire was conducted to a sample of SMEs in “El
Qualiobia” governorate whereby some modifications and repositioning of sequence of questions was made
according to the pretest results.
 Training of CAPMAS researchers: Extensive training sessions were conducted to all CAPMAS field
researchers to ensure their understanding of the questionnaire and the approach in conducting the interviews. The
training was conducted jointly by CAPMAS and the Center of Surveys and Statistical Applications (CSSA) at the
Faculty of Economics and Political Science under the supervision of CBE and EBI.
 Pilot: After collecting the data of the pilot (that was conducted in “El-Sharkia” governorate in April 2010) the
data collected was analyzed, verified and validated, accordingly, some activities of limited economic value added
were excluded throughout the survey.
 Collecting the data: Data was collected through face-to-face interviews conducted by CAPMAS researches
using the developed questionnaire.

 Quality control: Two different quality control teams were assigned to ensure the validity and accuracy of the
data collection process

 On-site QC: Undertaken by the (CSSA) that was responsible for monitoring and controlling the process of
data collection in the field on a daily basis.

 Off-site QC: Undertaken by a joint team from CBE and EBI responsible for verification and quality
controlling the data entry process with random checks.
4. Landscape of SMEs in Egypt
4.1 Legal Form

Figure 2 shows the distribution of SMEs according to the legal form. SMEs adopt chiefly a
sole-proprietorship (that represents almost 60 percent of total firms) given the fact that it is the easiest to be
created. Those firms are owned and run by one individual and in which there is no legal distinction between the
owner and the business. The owner receives all profits (subject to taxation specific to the business) and has
unlimited responsibility for all losses and debts. Its advantages are related to the fact that entrepreneurs have the
ability to limit risk to investors. Sole proprietorships also have the least government rules and regulations affecting
it which fosters their creation by entrepreneurs. The remaining 40 percent are distributed among joint liability,
partnership in commendams, joint stock, de facto, limited liability, limited partnership in shares and subsidiaries.
4.2 Geographical Location
It is worthy to note that SMEs are highly skewed at the geographical level since almost half of them is
concentrated in the three governorates of Sharkeya, Cairo and Gharbeya (see Figure 3). This may be explained by
higher externalities coming from other firms which are located in large governorates that are located in urban
regions. Similarly, access to road and to transportation of goods positively and significantly affects firms’
productivity as they allow firms to better produce and market their products or services to a wider scope of clients.
Finally, since other governorates have not a significant share of SMEs, more attention should be attribute to them
in order to improve their infrastructure and therefore to allow firms to be established there.
146
Small and
a Medium Enterprises
E Laandscape in Eg
gypt: New Factts from a New D
Dataset
58.22%
60..0%
50..0%
40..0%
30..0% 19.2%
%
20..0% 10.7% 7.3%
2.8% 1.33% 0.3%
% 0.1%
10..0%
0..0%
Figgure 2 Distriibution of SME Es by Legal Foorm

Sourcce: Constructedd by the authorss using SMEs daataset.
16.0%
16.0% 15.0%
14.0%
12.0%
10.0% 9.2%
8.0%
6.1%6.1% 6.0%
6
6.0% 5.0% 4.7%
% 4.5%
3.5% 3.3%
% 3.7%
4.0% 2.5% 2.4% 2.1%
1.9% 1.8%1.8% 1.7%
1.4% 1.3%
1
2.0%
0.0%
Figgure 3 Distrib bution of SMEs by Governorrates

4.3 Facctors of Prod duction

Movingg to factors of o productionn, it is worthyy to mention that
t differencces in endowwments between SMEs aree
notably important. First, as it is shown in Figure 4, 4 83 percent of SMEs are endowed with a capital leess than EGP P
250,000. Byy contrast, those having morem than EGGP 15 million n do not exceeed 2 percennt of total SM MEs in Egyptt
pointing outt to what extent SMEs shhould have a higher access to financial services and facilities frrom banks too
expand theirr activities annd increase their capital.
The samme pattern obbserved for capital
c holds for labor (seee Figure 5) since
s SMEs w with the capaacity of 5-199
workers reprresent the higghest percentaage (85.4 perrcent). By con ntrast, on the other side off the distributtion, only 6.33
1477
Small and
E Laandscape in Eg
Dataset
percent of SMEs
S have a capacity of more
m than 50 workers. Theerefore, mostt of the firmss are either micro
m or smalll
pointing outt the phenommenon of the “missing
“ midddle”, in whicch many small firms and a few large firms
fi producee
the bulk of value
v added which
w is ubiquuitous in developing counntries.
Less than 250,000 LE
2.4%
250,000 LE - Less
L than millioon
5.3% 1.0%
1.00%
7.6%
Million - Lesss than 5 millions
5 Millions - Less than 15

Millions
15 Millions - Less
L than 30
82.6%
Millions
30 Millions orr More
Figgure 4 Distrib
bution of SMEs by Capital Value
V
Source: Constructedd by the authorss using SMEs dataset
d
100
0.0% 8
85.4%
80
0.0%
60
0.0%
40
0.0%
20
0.0% 6.3% 5.8%
2.4%
0
0.0%
<220 >50 20-34 35-50
Figure 5 Distributioon of SMEs by Number of Em mployees

93.60%
100.000%
80.000% 71.30%
64.10% 62.10%
60.000% 49.40%
43.30% <20
40.000% 20-34
20.000% 35-50
>50
0.000%
Less th
han 250,000
0 LE - Million - Less 5 Milliions - 15 Milllions - 30 Miillions
250,0000 LE Less th
han than 5 Millions
M Less th
han 15 Less th
han 30 and More
M
Millio
on Milliions Milliions
Figure 6 Distribution
n of SMEs Accoording to the Number
N of Em
mployees and th
he Capital
Source: Constructedd by the authorss using SMEs dataset
d
148
Small and
E Laandscape in Eg
Dataset
Figure 6 confirms thhose findingss by plotting the

t distributio
on of SMEs according
a to llabor and cap
pital. One cann
conclude thaat the lower the
t number of
o employeess, the less cap
pital it owns and the loweer the output. That is whyy
the coefficieent of associaation betweenn capital and labor
l for SME
Es in Egypt iss notably highh in most of the
t activities,,
especially manufacturing
m g, trade, foodd and beverage and agriculture (see Table
T 2). Theerefore, it can
n be claimedd
there are som
me complemeentarities betw
ween labor annd capital in Egyptian
E SM
MEs.
Table 2 Relationship between
b Capitaal and Numberr of Employeess, by Activity (Measured
( in T
Terms of the Ap
ppropriate
Assoociation Coefficcient)
Activities
Agriculture 0.756
Manufacturingg 0.823
Trade 0.867
Food & Beverrages 0.819
Health 0.689
Construction & Building 0.475
Other 0.66
Source: Consttructed by the auuthors using SM
MEs dataset.
4.4 Ecoonomic Activvity

As it was
w mentioned before, SM MEs in Egypt are highly sk kewed at thee geographicaal level. Such h skewness iss
observed at the sectoral level
l (see Figgure 7) as weell since almo ost 90 percennt of them aree concentrateed in just twoo
sectors namely the manuufacturing secctor (51.1 perrcent), follow wed by the whole
w sale traade (40.5 perccent). This iss
due to the faact that the enntry barriers in
i terms of caapital, skill and
a technologgy characterisstics are low, especially inn
the trade secctor.
60.0%
51.1%
%
50.0%
40.5%
%
40.0%
30.0%
20.0%
10.0% 2.66%
1.7%
% 1.6%
% 1.3% 1.11%
0.0%
Figuree 7 Distributiion of SMEs by y Economic Acctivities

1499
Small and
E Laandscape in Eg
Dataset
4.5 SM
MEs Performance at the Domestic
D Levvel
SMEs performancee at both thee domestic and internatiional levels is highly deependent on their factorr
endowmentss. Clearly, larrger firms witth more capital and more labor
l are morre likely to bee productive and
a thereforee
have higher sales turnovver. Figure 8 points out thhe distribution of SMEs according
a to sales turnoveer and showss
that almost half
h of the SM MEs’ sales aree less than EG
GP 500,000. By B contrast, those
t who aree producing between
b EGP
P
20 million and
a EGP 50 million
m does not
n exceed 2 percent
p of total SMEs.
2.0%
%
20.2% Less than H

Half a Million
50.4% Half a Milllion - Less thann Million
27.4% Million - L
Less than 20 Millions
D off SMEs Accord
ding to the Sales Turnover
Figure 9 adds another finding rellated to the linnk between th he number off employees aand the sales turnover, i.e..,
their producctivity. One can
c claim thaat the higher the number of employeees, the higherr the sales tu urnover. Thiss
b verified foor the lowest and highest categories off the sales turrnover. In factt, 97 percent of the SMEss
finding can be
producing less than EG GP 500,000 are a endowedd with less th han 20 employees and 660 percent of o the SMEss
producing between
b EGP 20 and 50 million
m have more
m than 500 employees. Yet, it becom mes more pro oblematic forr
firms that arre endowed with
w 20-34 annd 35-50 em mployees sincee their sharess in the midddle categoriess of the saless
turnover (haalf a millionn to less thaan a million and million n to less thaan 20 million) are significantly low..
Surprisinglyy, 90 (54) perccent of the firrms producinng between EG GP 500,000 anda EGP 1,0000,000 (millio on-20 millionn)
have also less than 20 employees showing thaat those smalll firms are more produuctive than th heir mediumm
counterpartss. This confirmms the missinng middle stoory since mosst companies are small andd between larrge and smalll
firms, SME Es are very scarce,
s perfoorm poorly and a consequeently constituute a “missiing middle”. One of thee
suggestions that may inccrease their productivity
p is to target clusters estabblishment. C Cluster locatioons are goodd
candidates to host and disseminate neew technologgies, training and marketinng techniquees; moreover new policiess
have a greaater chance ofo succeedingg in cluster communities
c owing to thhe cluster’s specialization n in a certainn
production activity
a whichh facilitates thhe spread of knowledge
k annd skills withhin the commuunity.
4.6 Exp ports Performance
SMEs do not perform very well on internatiional markets since only 6 percent off SMEs expo ort, while thee
remaining serve only thee domestic market.
m Clearlly, this may be explainedd by differencces in factor endowmentss
and in accesss to financiaal services. Fiigure 10 show ws that the higher
h the cappital, the highher the share of exportingg
firms. Only 1.8 percent ofo the firms having
h less thhan EGP 250, 000 do expoort. This figuure increases when capitall
increases sinnce the share of exportingg firms becom mes 27.1 and 24.4 percentt of the firms having a cap pital betweenn
EGP 15 milllion–EGP 30 million and more m than EG GP 30 million n, respectivelyy.
150
Small and
E Laandscape in Eg
Dataset
97
7.1%
100.0% 90.1%
80.0%
56.4%
% 600.0%
60.0% <
<20
2
20-34
40.0% 3
35-50
20.0% >
>50
0.0%
Less
L than Half a Half a Million
n - Less Millio
on - Less than 20 Millions - Less
Million than Milliion 200 Millions ns
than 50 Million
Figure 9 Distribution of SMEs

S Accordiing to the Num mber of Employyees and the Saales Turnover
100%
80%
79.2% 73.0% 72.9% 75.6%
60% 88.4%
9
98.2%
40%
20% 27.0% 27.1% 24.4%

20.8%
11.6%
1.8%
0%
Lesss than 250,0
000 LE - Milllion - Less 5 Millions - 15 Millions -
1 3 Millions and
30
250,000 LE Lesss than than 5 Millions Leess than 15 L than 30
Less More
M
Million Millions Millions
Expoorting Nott Exporting
Figure 10 Distribution of
o SMEs by Exporting Statuss and Capital
This reemark holds for

f both labor (Figure 11)) and sales tu urnover (Figuure 12) since the higher th he number off
employees and/or
a the higher the salees turnover, the
t more a firmfi is likely to export. F Figure 11 sho ows that 28.44
percent of thhe firms enddowed with morem than 50 employees do d export. Thhis figure is rremarkably lo ow for smalll
firms since exporting
e firm
ms represent only
o 1.8 perccent of those having
h less thhan 20 emplooyees.
Figure 12 presents exporting
e vs. non-exportinng firms accoording to the sales turnoveer. It is quite clear that thee
higher the saales turnover,, the more a firm
f is likely to being an exporter.
e In otther words, w
we can claim that the mostt
productive firms
f who serrve the domesstic market have
h a greaterr potential to serve internaational one as well. This iss
in line with the Melitz model
m (2003)) of heterogeeneous firms. According to t this modell, firms face uncertaintiess
about their future produuctivity whenn making an irreversible costly invesstment decision to enter the t domesticc
market. Folllowing entry, firms producce with differrent productiv vity levels. Inn addition to tthe sunk entry
y costs, firmss
face fixed prroduction cossts, resulting in increasingg returns to sccale of produuction. The fiixed production costs leadd
to the exit of
o inefficient firms
f whose productivities are lower th han a threshoold level, as tthey do not exxpect to earnn
151
Small and
E Laandscape in Eg
Dataset
positive profits in the futture. On the demand sidee, the agents are assumed to have Dixiit-Stiglitz preeference overr
the continuuum of varietiees. As each fiirm is a monoopolist for the variety it produces, it seets the price of
o its productt
at a constannt markup ovver its marginnal cost. Theere are also fixed
f costs and
a variable costs associaated with thee
exporting acctivities. Howwever, the deecision to exxport occurs after the firm ms observe ttheir productivity. A firm m
enters exporrt markets if and only if thhe net profitss generated from
fr its exporrts in a givenn country aree sufficient too
cover the fixxed exportingg costs.
100%
80%
80.2% 71.66%
60% 86.7%
98.2%
40%
20% 28.44%
19.8%
1.8% 133.3%
0%
<20 20-34 35-50 >50
Expoorting Not Exporting

E
Figurre 11 Distribu
ution of SMEss by Exporting Status and Nu umber of Employees
100%
80%
65.6%
60% 86.5%
99.3% 96.9%
40%
20% 34.4%
13.5%
0.7% 3.1%
0%
Less than Half a Half a Milllion - Less Miillion - Less than 20 20 Millio
ons - Less
Million than Million
M Millions than 50 Millions
M
Exxporting Noot Exporting
Figure 12 Disttribution of SM
MEs by Exportting Status and
d Sales Turnovver
By obsserving the destination

d o those expoorts, Figure 13 shows first
of fi that Araab countries are the firstt
o SMEs prooducts since, on average, 43 percent of
destination of o SMEs goodds and servicces are imporrted by Arabb
countries. Secondly, it iss worthy to noten that the higher the capital,
c the more
m a firm can export to more than a
destination since
s 52.7 peercent of the exporting
e firm
ms endowed with a capitaal of more thaan EGP 30 million
m exportt
to more thann two destinattions. This finnding shows to what exten nt boosting SMEs
S capital endowmentss can increasee
their productivity, changee their non-exxporting statuus or even hellp them to serrve several fooreign marketts.
Finally,, another facttor affecting firms
f exportinng status is reelated to haviing access to financial serrvices. Figuree
152
Small and
E Laandscape in Eg
Dataset
14 shows thhat 91.5 perccent of expoorting firms deal

d with baanks. Consequuently, all thhose factors affect SMEss
productivityy and that is why
w only largger firms havving more em mployees, withh a larger cappital and having access too
banking faciilities are the most productive and thereefore are the most likely too export.
100%
%
24
4.5% 3
32.2% 32.7%
80%
% 42.0% 47.4% 52.7%
18..5%
115.2% 18.3%
60%
% 1.3%
1.5% 19.7%
3.0% 12.6%
2.9% 1.1% 13.2%
40%
% 2.2%
55.6% 5
51.1% 46.0% 38.9%
20%
% 35.3% 31.9%
0%
%
Less thaan 250,000
0 LE - Millioon - Less 5 Millions
M - 15 Millions - 3 Millions and
30
250,000 LE Less than
t than 5 Millions Lesss than 15 L
Less than 30 More
Million Millions
M Millions
A
Arab Countriess Only African Non-Arab
N Counntries Only
Other Countriees Only Two or more
m Destinations
D off SMEs by Cap pital and Imporrting Country
8.5%
100%
80% 55.1%
91.5%
60%
40% 44.9%
20%
0%
Exporting Noot Exporting
Dealing with Banks
B Not Dealing
D with Banks
Figu
ure 14 Distribution of SME Es by Exportin ng Status and Dealing
D with Banks
5. Acccess to Finaance
From thet SMEs’ point

p of vieww, it is moree difficult for SMEs to obtain
o financcing from baanks, as: thee
government and internattional develoopment comm munities are focusing moore on microo businesses; banks oftenn
prefer to exxtend credit to t large corporate clients and connectted individuaals that are considered lesss risky; andd
finally, bankks are much more
m m other sources. Yet, from
trust woorthy than obttaining it from m the banks point
p of view,,
it is less riskky to providee loans for larrger businessses since theyy are more staable, less proone to risk, haave availablee
records, havve structured information, are easier too access, are more profitaable. By conttrast, small bu usinesses aree
a more prone to risk, doon’t have avaailable record
less stable, are ds, have uncleear informatiion, are difficcult to accesss
and are lesss profitable. They suffer from some other o problemms such as: lack of business documeents (such ass
registration, license, and tax cards) annd the reliability of financiial statementss, as well as thhe “financial performancee”
1533
Small and
E Laandscape in Eg
Dataset
represent 700 percent; weaakness of maanagement annd lack of bussiness plans. Bearing
B thesee characteristtics in minds,,
we found that 47 percentt of SMEs in Egypt do nott deal with baanks and 22.44 percent havee access bank king facilitiess
as shown in Figures 15 annd 16.
47..0%
Yes
5
53.0% No
Figure 15 Distribution of SMEs Accord ding to Dealingg with Banks

22.4%
Yes
77.6% No
Figgure 16 Distrribution of SM
MEs According to Having Faccilities from Baanks
It is woorthy to exam
mine the facttors that deteermine accesss to finance. In a compannion paper (E El Said et al.,,
2013), we em mpirically esttimate the deeterminants off access to fin
nance of SME Es in Egypt. First, as it waas mentionedd
above, theree is a strong correlation
c beetween numbber of employ yees, capital and
a sales turnnover. This iss reflected onn
the access too finance since that the hiigher the cappital (Figure 17),
1 the largeer the firm (F
Figure 18) and d the more itt
sells (Figurees 19 and 20)), the more a firm is likelyy to deal with h banks and benefit
b from financial serv vices. This iss
why 18.6 peercent and 411.2 of small firms with a capital less than EGP 2550,000 and/oor less than 20 2 employeess
respectively deal with baanks and havee access to baanking facilitiies. Those figgures are subsstantially highher for largerr
firms since 595 and 84 peercent of SME Es with a cappital more thaan EGP 30 million
m and/ orr more than 505 employeess
respectively deal with baank.
100%
49.1% 50.7% 41.3%
66.7% 58.3%
81.4%
50%
50.9% 49.3% 58.7%
33.3% 41.7%
18.6%
0%
Less
L than 250
0,000 LE - Milllion - Less 5 Millions
M - 15 Millions
M - 30 Millions
25
50,000 LE L than
Less than 5 Lesss than 15 Lesss than 30 an
nd More
Million M
Millions M
Millions M
Millions
Have Banking
B Facilitiies Do not Have Bankking Facilities
D off SMEs by Ban
nking Facilitiess and Capital
154
Small and
E Laandscape in Eg
Dataset
100% 15.6% 15.99%

2
23.6%
80% 58.8%
60%
7
76.4% 84.4% 84.11%
40%
41.2%
20%
0%
<20 20-334 35-50 >50
D
Dealing with Baanks Nott Dealing with Banks
B
Figuree 18 Distributtion of SMEs by
b Dealing with Banks and Number
N of Employees
100%
80% 43.55%
62.1%
733.5%
60% 87.4%
40% 56.55%
37.9%
20% 26.5%
12.6%
0%
Less
L than Half a Half a Millio
on - Less Milliion - Less than 20 Millions - Less
Million than Milllion 2 Millions
20 than 50 Milliions
Havee Banking Facillities Do

o not Have Bannking Facilitiess
Fiigure 19 Distribution of SM
MEs by Bankin
ng Facilities and Sales Turnovver
100% 4
4.5%
24.7%
80% 477.8%
69.0%
60%
955.5%
75.3%
40%
52.2%
20% 31.0%
0%
Leess than Half a Half a Millio
on - Less Milliion - Less than 20
0 20 Millionss - Less
Million than Milllion Millions than 50 Miillions
D
Dealing with Banks Noot Dealing with Banks
MEs by Dealing with Banks an nd Sales Turnoover
1555
Small and
E Laandscape in Eg
Dataset
Numeroous studies have h discusseed that SMEss are financiaally more connstrained thann large firms and are lesss
likely to havve access to formal finannce. Banks are a not adequ uately providding SMEs w with capital inn developingg
countries as there is largee financing gaap for SMEs in developing g countries. For
F instance, the top five banks
b servingg
SMEs in nonn-OECD couuntries reach only o 20% of formal
f micro
o enterprises and
a SMEs. Inn addition, in Sub-Saharann
Africa, this number is even e lower, at 5%. Nearrly 25% of SMEs in em merging markkets have a loan but aree
financially constrained,
c a almost 60%
and 6 do not have
h a loan overdraft,
o butt need one (D Dalberg, 2011). From thee
bank standpoint, the highher costs, lackk of skills annd higher (perrceived) riskss of investmeent in SMEs translate
t intoo
high interestt rates and coollateral requiirements. Furrthermore, po
osting collaterral is compliccated by the fact
f that mostt
SMEs operaate in environnments with weak w propertty rights and poor contracct enforcemennt in which borrowers
b doo
not have leggal titles to hoouse or land, and
a thereforee cannot use these
t as collatteral. For thiss reason, som
me SMEs facee
some probleems with bankks. As it is shhown in Figuure 21, 16.1 percent
p of SM
MEs have probblems with baanks and thiss
share increaases with smaaller firms (Fiigure 22). Inddeed, 16.4 peercent of SME Es having a ccapital less thhan EGP 250,,
000 do havee problems with w banks. By B contrast, thhis figure is slightly
s loweer for larger ffirms since 9.9 percent off
SMEs with a capital more than EGP 30 3 million havve banking prroblems.
16.1%
Y
Yes
N
No
83.9%
MEs According to Having Problems with Baanks
1000%
800%
600% 83.6% 83.8% 85.6% 85.3% 90.6% %

90.1%
400%
200%
16
6.4% 16.2% 14.4% 14.7% 9.4% 9.9%
0
0%
Less th
han 250,000 LE - Milllion - Less 5 Millions
M - Less 15 Millions - 30 Millions and
d
250,0000 LE Lesss than than 5 Millions thaan 15 Millions Less than 30 More
Miillion Millions
Have Probleems with Bankks D not Have Problems with Banks

Do B
Figure 22 Diistribution of SMEs

S by Problems with Ban nks and Capitaal
At the governorate level, as it was

w mentionedd before, moost of the Egyyptian SMEs are concentrrated in threee
main governnorates (Cairro, Sharkeya & Gharbeyaa). The same pattern can be observed for SMEs th hat deal withh
banks (see Figure 23) since
s MEs dealing with banks are
16.9 peercent of SM a located iin Cairo, 11..5 percent inn
156
Sharkeya and 9.5 in Gharbeya. Similarly, SMEs having banking facilities (see Figure 24) are chiefly concentrated
in the same governorates (22.6 percent in Cairo, 13.9 percent in Sharkeya and 8 percent in Gharbeya). Clearly,
there is a great potential of developing new SMEs in other governorates through an easier and more equitable
access to finance.
Figure 23 Distribution of SMEs Dealing with Banks by Governorates

Source: Constructed by the authors using SMEs dataset.
Figure 24 Distribution of SMEs Having Banking Facilities by Governorates

Source: Constructed by the authors using SMEs dataset.
Concerning economic activities, most of the firms that benefit from dealing with banks (see Figure 25) are
mostly concentrated in manufacturing (44.3 percent) and trade (43.8 percent). Yet, having a more detailed look on
each sector separately (Figure 26) shows that 86.8 percent of construction firms and 72 percent of food and
beverage ones deal with banks. This figure is lower for SMEs working in the manufacturing and trade sectors
since SMEs who deal with banks represent 40.7 and 50.9 percent respectively of firms operating in these two
sectors. Those findings are not contradictory since there is a frequency effect as almost 90 percent of SMEs are
concentrated in just the manufacturing sector (51.1 percent), followed by the wholesale trade (40.5 percent).
157
Small and
E Laandscape in Eg
Dataset
44.3% 43.8%
2.7% 1.9% 2.9% 33.4%

1.1%
Figuree 25 Percent Distribution

D off SMEs Dealin ng with Banks byb Economic A
Activity
13.2%
28.0% 34.5% 39.0%
53.7%
% 59.3%
% 49.1%
86.8%
72.0% 65.5% 61.0%
46.3%
% 40.7% 50.9%
D
Dealing with Banks
B Not Dealing
D with Banks
Figure 26 Percent Diistribution of SMEs

S by Dealinng with Bankss and Economiic Activity
Source: Constructted by the autho
ors using SMEss dataset.
To put in a nutshelll, small firmms face seriouus impedimen nts in what concerns
c acccess to financce given thatt
larger firms with a greaater capital, more
m employyees and high her sales turnnover are moore likely to benefit fromm
banking facilities. Thereefore, in ordeer to resolve problems reelated to acceess to financee, encouragee competitionn
among bankks to providee full fledge of diversifiedd products withw lowest chharges due too the econom mies of scalee
effect; CBEE’s relaxationn of the 10% % banks’ reseerve requirem ments on SM MEs lending;; facilitation of technicall
assistance too banks and immproving thee communicattion between the two sidess of the SME Es’ lending maarket throughh
discussing bottleneck
b isssues and briddging the gapp; overcomin ng the asymm metric inform
mation betweeen borrowerss
and lenders,, which is parrticularly acuute in the “infformationally
y opaque” maarket for smaall business crredit throughh
fostering access to finannce for SMEss through NILEX (Box 1), the establiishments of tthe I-score (B Box 2) and a
national cennsus.
158
Box 1: NILEX
NILEX is the Egyptian Exchange’ market for growing medium and small companies, which offers an appropriate, secure, yet
flexible regulatory framework, for both companies and investors, together with a streamlined admission process.
It supports the capital raising activities of small and mid cap developing companies. Its advantage is not only limited to
providing finance, but companies can access to long term capital for the expansion of their businesses.
It supports promising sectors in the economy which suffers from finance obstacles; and it also provides opportunity for investors
to diversify their portfolios by investing in high growth companies.
NILEX Benefits can be summarized in the following:
 Unlimited Long-term Finance
 Cheap Financing cost
 Relaxed Rules & Regulation
 Dedicated Funds to ensure liquidity
 Full Government Support
 Lower Listing Fees (0.5 per thousand of the capital)
 Local & Foreign investors’ Interest
For more information, please check: www.nilex.egyptse.com/ar/
Box 2: Egyptian Credit Bureau “I-Score”

The Egyptian Credit Bureau “I-Score” maintains a database of credit information for SMEs and consumers. The first credit
bureau in Egypt, which demonstrates how a private credit bureau can be set up in a relatively short time when all stakeholder
interests are aligned and the project has backing of the authorities. The Credit Bureau has been established under the name of the
Egyptian Credit Bureau “Estealam”. The first general assembly meeting was held on September 5th, 2005. 25 banks in addition
to the Social Fund for Development contributed in the company, with an issued capital of 30 million Egyptian pounds distributed
to seven million and five hundred thousand shares, the value of each share of four pounds (all the shares in cash). The founders
and subscribers have paid the 25% of the nominal value of the shares upon subscription and completed the paid up capital in
February 2007. The purpose of the company is to provide information services and credit classification.
It includes work in the following areas:
 Gathering all information about customers, whether associated with credit companies and financial institutions,
retailers and credit provided by banks or other views from all available sources of information.
 Creating certified official records of that information with the company, analyzing the data and classifying it.
 Creating indicators of credit quality for debtors whether individuals or institutions, making it possible for them to form
a sound credit history.
 Providing financial advice and practical solutions, all of the specialized counseling to individuals or institutions who
want to improve the level of credit ratings, or those who want to improve the financial instrument or who want to build
a credit history on a sound basis to start by a specific institution (with the exception of legal advice).
 The sale of information services and products associated service and other new services to all beneficiaries in Egypt
and in a manner that does not conflict with the provisions of secret bank accounts.
 Carrying out the work of the agency in the field of information and credit classification of enterprises or companies
linked to their work with the company subject to the provisions of laws, regulations and decisions applicable licensing
condition for the exercise of such activities.
Impact of I-Score:
 I-Score led the process of the creation of the borrower data bank with Unique ID (GT 5.7 Million).
 Significant increase in number of credit facilities/loans data base size (GT 14.3 Million).
 Catalyst for banks/lenders to improve their data quality, revision of internal lending policies/procedures leading to new
avenues to grow credit/improved profitability and advanced skill sets.
 Contribution to increased awareness among lenders on data quality in acquisition and management.
 Catalyst for active credit growth with prudence and confidence by providing a unified and robust borrower database
across the lending community
For more information, please check www.i-score.com.eg
159
6. Conclusion and Policy Implications
Small and medium sized enterprises (SMEs) have usually been perceived as a dynamic force for sustained
economic growth and job creation in developing countries. In Egypt, despite banking reforms that have been
launched in 2004, the ability of SMEs to more easily access suitable and sufficient means of finance has always
been considered a major obstacle facing many SMEs. For this reason, and in order to be able to extend the
financial services provided to this segment and increase the benefits of the banking reform, the Central Bank of
Egypt launched in December 2008 an initiative, as an integral part of the Second Phase of the Banking Sector
Reform Program (2008-2011), to enhance SMEs access to finance and banking services. In this paper, we present
a descriptive analysis of the SMEs landscape in Egypt relying on this extensive census. The main findings of the
census show that there is a high concentration of SMEs at different levels. First, the geographical distribution of
SMEs is significantly skewed since almost half of them are concentrated in three governorates (Cairo, Sharqiya &
Gharbeya). Second, they are chiefly operating in two economic activities, namely manufacturing and trade. Third,
a very few firms are exporting. Finally, financial services seem to be under-utilized by SMEs as only 50 percent
are dealing with banks and benefiting from an improved access to finance.
From a policy implication standpoint, there is a need for strategic economic reforms to bring Egypt’s
economic condition into vitality and promote investment, especially for SMEs through:
 Improvements in the legislative infrastructure, several rules and regulations associated with bankruptcy,
creditor capacity to take fast possession of collateral in case of default. In addition, there is an urgent need to
speed up the process of establishing collateral registries which should aim at building electronic registers and
streamlining registration process.
 Encouraging banks to build on their expertise in matchmaking their clients in different stages of value chain
(linkages)
 A need for updating financial method for financial reporting (e.g., standardized template)
 Changing the Mindset
 Enhancing Entrepreneurship Education
It is worth to mention that this last point is crucial to improve SME performance in Egypt. Indeed, the role of
entrepreneurship has become increasingly apparent in economic and social development. Economically,
entrepreneurship stimulates markets. The formation of new business leads to job creation and has a multiplying
effect on the economy. Socially, entrepreneurship empowers citizens, generates innovation and changes mindsets.
These changes have the potential to integrate developing countries into the global economy. Thus,
entrepreneurship is described as a potential driver to support the economic growth, since it is important for
productivity, innovation and employment. Accordingly, it has been a policy goal of many developed countries to
develop a culture of entrepreneurial thinking. This can be done through providing appropriate enabling
environment via integrating entrepreneurship into education systems, learning process, technical assistance,
legislation and integration among all stakeholders.
Access to finance of small and medium enterprises is extremely important in promoting entrepreneurship and
innovation as well improving the state of the national economy in Egypt. Accordingly helping those who decide to
start their small enterprise in acquiring necessary entrepreneurial and managerial competencies is essential in
order to ensure their success. Being aware of the importance of entrepreneurship development, EBI SME unit is
160
providing several training packages for Small and medium business owners who need to enhance their
understanding of dealing with and satisfying the requirements of banks.
References:
Central Bank of Egypt (2010). “Banking Reform in Egypt”, mimeo.
Cinar E. M., Evcimen G. and Kaytaz M. (1987). “A case study on the growth potential of small scale manufacturing enterprises in
Bursa, Turkey”, METU Studies in Development, Vol. 24, No. 2, pp. 123-146.
Cinar E. M., Evcimen G. and Kaytaz M. (1988). “The present day status of small scale industries (Sanatkar) in Bursa, Turkey”,
International Journal of Middle Eastern Studies, Vol. 20, pp. 287-301.
Doing Business (2011). “Making a difference for entrepreneurs”, IFC and the World Bank, Washington D.C.
Egyptian Banking Institute (2010). “A facilitating access to finance for SMEs”, mimeo, February.
El-Hamidi F. and C. Baslevent (2010). “The gendered aspects of MSEs in MENA: Evidence from Egypt and Turkey”, Economic
Research Forum (ERF) Working Paper No. 535.
El-Gamal M. A., El-Megharbel N. and Inanoglu H. (2001). “Beyond credit: A taxonomy of SMEs and financing methods for Arab
countries”, ECES Working Paper Series No. 57, Egypt, The Egyptian Center for Economic Studies (ECES), May.
El-Hamidi F. (2011). “How do women entrepreneurs perform? Empirical evidence from Egypt”, Economic Research Forum (ERF)
Working Paper No. 621.
El-Kabbani R. N. and Kalhoefer C. (2011). “Financing resources for Egyptian small and medium enterprises”, Working Papers 28,
The German University in Cairo, Faculty of Management Technology.
El-Mahdi A. (2006). “The changing economic environment and the development of the micro and small enterprises in Egypt 2006”,
Economic Research Forum (ERF) Working Paper No. 0706.
El-Said H., Al Said M. and Zaki C. (2013). “Access to Finance and Financial Problems of SMEs: Evidence from Egypt”
International Journal of Small Business and Entrepreneurship, Vol. 20, No. 3, pp. 286-309.
El-Said H. (2006). “Access to finance: Forms of financing for SMEs in Egypt”, Centranl Bank of Egypt and the Egyptian Banking
Institute, mimeo.
Erzan R. and Filiztekin A. (2005). “Does size matter in growth, productivity, employment, and vulnerability/flexibility in Turkish
manufacturing?”, Turkish Studies, Vol. 6, No. 1, pp. 113-126.
Evcimen G., Kaytaz M. and Cinar E. M. (1991). “Subcontracting, growth and capital accumulation in small-scale firms in the textile
industry in Turkey”, The Journal of Development Studies, Vol. 28, No. 1, pp. 130-149.
Hamdouch B. et al. (2004). “Dynamisme de la Micro et Petite Entreprise au Maroc”, ERF Research Report Series No. 0419.
OECD (2011). “Entrepreneurship at a glance 2011”, OECD Publishing, available online at:
http://dx.doi.org/10.1787/9789264097711-en.
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The World Bank (2010). “Access to finance and economic growth in Egypt”, led by Sahar Nasr, Washington D.C..
161
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Article · January 2014

Hala Helmy Elsaid Chahir Zaki

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Small and Medium Enterprises Landscape in Egypt:

New Facts from a New Dataset*

Hala El-Said, Mahmoud Al-Said, Chahir Zaki

2. Banking Reform in Egypt

Table 1 Banking Aggregates before and after 2004 Reform

Corporate, Multinational and

20% Small Enterprises

Figure 1 Business Landscape in Non-OECD Countries

 whether she/he benefits from some banking facilities or not,

 That employs five employees or more.

using the developed questionnaire.

data collection process

data collection in the field on a daily basis.

controlling the data entry process with random checks.

4. Landscape of SMEs in Egypt

4.1 Legal Form

Figgure 2 Distriibution of SME Es by Legal Foorm

Figgure 3 Distrib bution of SMEs by Governorrates

4.3 Facctors of Prod duction

Less than 250,000 LE

5 Millions - Less than 15

Figure 5 Distributioon of SMEs by Number of Em mployees

Figure 6 confirms thhose findingss by plotting the

4.4 Ecoonomic Activvity

Figuree 7 Distributiion of SMEs by y Economic Acctivities

20.2% Less than H

50.4% Half a Milllion - Less thann Million

Figure 9 Distribution of SMEs

20% 27.0% 27.1% 24.4%

This reemark holds for

Expoorting Not Exporting

Exxporting Noot Exporting

By obsserving the destination

14 shows thhat 91.5 perccent of expoorting firms deal

From thet SMEs’ point

Figure 15 Distribution of SMEs Accord ding to Dealingg with Banks

100% 15.6% 15.99%

Havee Banking Facillities Do

600% 83.6% 83.8% 85.6% 85.3% 90.6% %

Have Probleems with Bankks D not Have Problems with Banks

Figure 22 Diistribution of SMEs

At the governorate level, as it was

Figure 23 Distribution of SMEs Dealing with Banks by Governorates

Figure 24 Distribution of SMEs Having Banking Facilities by Governorates

2.7% 1.9% 2.9% 33.4%

Figuree 25 Percent Distribution

Figure 26 Percent Diistribution of SMEs

Box 2: Egyptian Credit Bureau “I-Score”

6. Conclusion and Policy Implications

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