Alexandria Business Association injects $140mn for micro enterprises in 2015

Alexandria Business Association (ABA) has pumped 1.1 billion Egyptian pounds (US$140.4 million) 345,000 loans for micro enterprises during 2015, Moataz El Tabaa -executive director- told Amwal Al Gahd Thursday.

He said that the association is planning to expand and open new offices in Al Sharqia and Monufia governorates besides issuing new products.

ABA is in talks with the Social Fund for Development to raise its credit limit from 25 million pounds to 50 million pounds during 2016, El Tabaa added.

Alexandria Business Association is currently studying three financing offers from National Bank of Egypt (NBE), Banque du Caire, and QNB Alahli to fund its new administrative building with cost estimated at 40-50 million pounds, the official said.