Egyptian Gulf Bank’s Loans for Tanmeyah Micro Enterprise are EGP1.7bn

Head of Retail Banking Sector and Senior General Manager at Egyptian Gulf Bank (EGB) Sherif Farouk revealed that the bank’s gross loans which directed to Tanmeyah Micro Enterprise Services reached around EGP1.7 billion since the inception the company’s financing during the last three years.

Speaking to Amwal Al Ghad on Sunday, Farouk added that the bank’s total loans in the current year reached EGP350 million and the bank is aiming to pump other EGP30 million before the end of the year, noting that existing portfolio are around EGP330 million, Farouk noted.

The bank is targeting to increase its finance portfolio in favor of Tanmeyah to EGP420 million, explaining that the signed protocol between the bank and Tanmeyah is based on directing finance for customers less than EGP100.000 and it will be negotiated after the end of the protocol to increase the credit limit for financing projects of more than EGP100.000, Farouk emphasized.

The defaulted Portfolio of the bank’s financing for Tanmeyah is less than 3%, stressing that the partnership in Tanmeyah is one of the best projects in which the bank has participated in the last period.

The bank’s personal loan portfolio ups nearly EGP750 million and the bank targets increasing it to EGP1 billion by the upcoming phase in addition to inching the deposits by EGP1 billion to exceed EGP9 billion by 2015.