United Bank, SFD Egypt to Ink EGP50 mln Contract for SMEs

The United Bank will be signing tomorrow with the Social Fund for Development (SFD -Egypt) an EGP 50 million to finance SMEs projects.

In 2013, the United Bank had inked with the SFD three contracts at value of EGP 75 million to finance projects for the small and medium-sized enterprises.

From her part, Hanaa El Hilaly – Director general at Egypt’s SFD – said the fund is targeting providing funding at value of EGP 3.041 billion within the current year, divided as EGP 1.630 billion for small projects, EGP 786 million for micro projects and EGP 625 million for infrastructure projects.