Egypt’s National Bank targets $4.2 bln SME financing in FY2016-17

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Egypt’s biggest public lender, National Bank of Egypt (NBE) plans to boost its small and medium-sized finances to 37 billion Egyptian pounds ($4.2 billion) by end of financial year 2016-2017.

NBE’s portfolio of SME direct and indirect finances stood at around 28 billion pounds by the end of June 2016, head of retail banking Hazem Hegazy told Amwal Al Ghad on Wednesday.

Hegazy further said the bank aims to increase its SME finances to 72 billion pounds in four years.