Egypt’s NBE injects 18.5 bln pounds to finance SMEs

The National Bank of Egypt (NBE) has pumped 18.5 billion Egyptian pounds to fund 17,800 small and medium projects among  the Central Bank of Egypt (CBE)’s initiative launched in January 2016 to support these projects, Vice chairperson of the National Bank of Egypt (NBE), Yehia Aboul Fotouh said.

He told Amwal Al Ghad that the bank aims to double these funds to all the SME operating in various sector.

According to Aboul Fotouh, 73% of the small projects that were financed received loans amounting to  15.5 billion  pounds in order to expand their existing activities, representing 83% of the total funding granted, while 27% of the projects was newly established.

The bank managed to finance 13,700 new customers with  12.4 billion pounds, representing 77% of the total number of beneficiary projects and 67% of the value of the funds granted.

NBE also secured around 14.7 billion pounds to the industrial projects, granted to 8200 clients, he added.

the bank places SMEs lending activity at the top of its priorities and is keen to support these projects, being the appropriate means of creating new job opportunities that contribute to reducing the problem of unemployment and helping to improve the living standards of citizens.