NBE To Sign SME Finance Contract Worth EGP 150 Mln With SFD

By Administrator On Sep 25, 2012

The National Bank of Egypt (NBE) plans to sign a new contract with the Social Fund for Development (SFD) by the beginning of the next month to finance small and medium enterprises (SMEs).

Besides, NBE is in talks with SFD to sign a Musharaka contract worth EGP 150 million for financing SMEs and a franchise finance contract worth EGP 50 million.

In addition, NBE also aims at signing a finance contract worth EGP 115 million to finance the establishment of the second phase of poultry projects with an interest rate of 8% and a maximum limit of EGP 15 million for each customer. The first phase of poultry projects was financed through a finance contract worth EGP 100 million.

The bank’s portfolio of SME finance reached EGP 3.3 billion by the end of last June, while the lender signed finance contracts worth more than EGP 5 billion with SFD.