ICEC

Egypt’s National Bank targets $1.4bn direct medium funds end-June

The National Bank of Egypt (NBE) targets its medium-sized enterprises direct finance portfolio to reach 11.167 billion Egyptian pounds (US$1.4 billion) at the end of June 2016.

Sherif Riad -MID corporate banking head- told Amwal Al Ghad Monday that the portfolio has been boosted to 12.482 billion pounds at the end of November 2015 opposed to 11.768 billion pounds at the end of June 2015.

Although the bank has currently exceeded the target, but it receives payments from clients estimated at 3 billion pounds during the fiscal year 2015-16. Hence, the net increase in the portfolio is medium despite pumping billions of pounds as funds for clients, Riad added.

He asserted that the volume of NBE’s indirect portfolio hit 6.463 billion pounds at the end of June 2015 while it  decreased to 6.450 billion pounds at the end of November 21015 due to clients’ payments.

The total volume of NBE’s direct and indirect portfolios for medium-sized enterprises recorded 18.933 billion pounds at the end of November 2015 compared to 18.231 billion at the end of June 2015, the official clarified.

Riad pointed out that contracting sector has witnessed a leap within the last period since the total volume of finances directed to it , i.e. direct and indirect, hit 2.8 billion pounds at the end of November 2015 versus 2.450 billion pounds a year earlier.

Head Riad expected gas and food sectors to witness a movement in the granted finances during 2016.

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