ICEC

UBE And SFD To Sign EGP 75 Mln Contracts

United Bank intends to sign three finance contracts with Social Fund for Development (SFD) with value of EGP 75 million to finance small and medium enterprises (SMEs).

Mohamed Ashmawy, chairman of United Bank, said in an interview with Amwal Al Ghad that the finance value is divided equally over the three contracts. The three contracts are an Islamic sharia-compliant SMEs finance contract, risk-sharing contract and poultry finance contract.

United Bank focuses on financing SMEs for contributing in boosting feeding industries as well as providing job vacancies.

Amwal Al Ghad earlier reported exclusively the negotiations that took place with National Bank of Egypt and United Bank over signing murabaha (Islamic finance) contracts with Social Fund for Development to finance SMEs.

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