ABA Eyes to Rise Granted Credit Facilities from NBE by 40%

Alexandria Business Association (ABA) is aiming to boost the granted periodic credit facilities from the National Bank of Egypt (NBE) to 40%  move up by EGP 120-130 million , compared to EGP 90 million, during the coming year.

An official source has informed Amwal Al Ghad that ABA is currently making negotiations with Bank of Alexandrai (Bank of Intesa Sanpaolo Group) in order to boost the granted periodic credit facilities to EGP 120 million starting from the coming fiscal year to comply with ABA’s plan in increasing the funds volume.

The source added that the total funds which provided by ABA regarding micro-projects reached EGP 79.6 million at the end of September so as to finance around 27.8 K projects.

The source has explained that ABA is aiming to inaugurate 3 new branches in Arab tower, Abou Homs, Beheira and Kafr el-Sheikh within the current fiscal year, the total number of branches reached 63.

ABA is considering to revive Libya market project through the funding of the owners of small and micro projects in Mersa Matrouh market in cooperation with the U.S Agency for International Development.