ABA Seeks to Raise NSGB’s Credit Facilities to EGP50 mln

Alexandria Business Association (ABA) is planning to increase the amount of the periodic credit facilities granted by the National Societe Generale Bank (NSGB) to EGP 50 million from EGP 25 million.

An ABA senior source told Amwal Al Ghad that the association is currently holding negotiations with the National Bank of Egypt (NBE) and Bank of Alexandria (Bank of Intesa Sanpaolo Group), seeking to obtain higher periodic credit facilities, up to EGP 120 million and EGP 125 million, respectively by the beginning of the upcoming fiscal year. This comes as pursuant to the ABA’s plan to increase the volume of finances and to attract new customer segments.

In September, ABA had provided micro-finances totaled EGP 79.6 million to fund around 27.8 thousand micro projects, the source added.

Moreover, ABA plans to inaugurate 3 new branches in Borg Al-Arab, Abou Homs – Beheira and Kafr el-Sheikh within the current fiscal year, to have a total number of branches of 63.

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