National Bank of Egypt strikes deal to support 10th of Ramadan SMEs

Egypt’s biggest public lender, National Bank of Egypt (NBE) has signed Thursday a cooperation protocol with the 10th of Ramadan Investors’ Association.

The protocol aims to support small and medium-sized industrial projects, notably the startups in the 10th of Ramadan City, 46 kilometres (29 miles) from Cairo.

Hazem Hegazy, Head of retail banking at NBE, and Samir Ezzat Aref – Chairman of 10th of Ramadan Investors’ Association – have signed the protocol on Thursday.

NBE plans to pump 3.6 billion Egyptian pounds ($405.6 million) within the current financial year into industrial SME projects, Hegazy said. The money will represent 40 percent of NBE’s total anticipated financing for the SME sector within the year.

As part of the central bank initiative, NBE had provided the SME sector with credit facilities totalling around 3.8 billion pounds in favour of more than 5,400 projects, 23 percent of which are operating in the industrial sector, the banking official added.