NBE Receives EGP 6 Bln To Finance SMEs

National bank of Egypt (NBE) received EGP six billion loans from eight international and local bodies to finance small and medium enterprises (SMEs).

The fund comes from African Development Bank, a soft loan from Italy, French Development Agency, a line of credit offered from Spain’s Institute De credit official, Social Fund for Development, Industrial Pollution Control Project, Environmental Commitment Accord and NBE’s SMEs finance program, Sources told Amwal Al Ghad.

Line of credit offered by African development Bank is financing projects working in construction materials, food, mining, engineering, wood and tourism projects. French Development Agency will lend SMEs whose average income ranged from EGP one million to EGP 40 million in the last years and that the number of workers in each project does not exceed 250.

Italy offers a soft loan to finance buying Italian equipments for technological and clean production projects as well as production made for export. Italy assigned from €150 thousand to € 2 million for each project.

Industrial Pollution Control Project offers from EGP 100 thousand to EGP 15 million to help projects in Greater Cairo and Alexandria to be committed to environmental compliance in collaboration with Egyptian Environmental Affairs Agency.

Environmental Commitment Accord contributes in financing buying machinery, equipments, construction, and structures for projects to abide by standard environmental conditions. This body will offer from EGP 80 thousand to EGP 3 million to engineering, mining, textile, food, chemical, leather and furniture industries.