ICEC

NBE to Ink 5 Agreements with SFD worth EGP850mn by October

 National Bank of Egypt (NBE) will sign 5 agreements with the Social Fund for Development (SFD) worth EGP850 million by the next month.

NBE’s Deputy Head of Small and Medium-Sized Enterprises Division, Saad Mohy Eldeen told Amwal Al Ghad that the new contracts will be directed to finance small and medium projects along with the current account debtor and Furniture projects.

On the other hand, SFD’s General Secretary Hanaa El Hilaly added that the fund is considering signing new contracts with banks, NBE, Housing and Development Bank(HDB) and United Bank are in the forefront.

The total concluded contracts between the bank and the fund since the beginning of the deal in 1992 are around EGP7.8 billion to implement 99 contracts through financing more than 136 thousand projects.

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