NBE to sign EGP 50 m franchise contract with Social Fund

National bank of Egypt (NBE) plans to sign a franchise contract with the Social fund for Development whose value is EGP 50 million by the current half of fiscal year 2011/2012, to grant trademark franchise for SMEs, so as to increase employment rate for youth.

NBE got approvals for contracts in value to EGP 975 million in the first half of the current fiscal year, and is also aiming at getting approvals for contracts whose value is up to EGP one billion in the current half of the year.

It is worth mentioning that NBE financed 6500 customers in SMEs with value of EGP 1.3 billion in the first half of the current fiscal year of EGP 1.6 billion of the total approvals. NBE targets financing SMEs with EGP 2.2 billion by the end of the current fiscal year.