Egypt’s Alexandria Business Association injects $12mn into micro loans in January

Egypt’s Alexandria Business Association (ABA) has pumped 95 million Egyptian pounds (US$12 million) into around 27,000 micro loans during January 2016, a source in the association said Sunday.

The source stated that ABA targets injecting finances estimated at 1.3 billion pounds for micro enterprises during 2016.

During 2016, Alexandria Business Association aims at raising its credit facilities with the National Bank of Egypt (NBE), Bank of Alexandria besides the Social Fund for Development (SFD) to 350 million pounds, the source clarified.

According to the source, ABA is currently in talks to increase the credit limit of the SFD from 25 million pounds to 50 million pounds in 2016 in addition to boosting the facilities used by banks which is estimated at 250 million pounds.

Alexandria Business Association has pumped 1.1 billion pounds into around 345,000 loans during January-December 2015.

Moreover, the association is currently studying three financing offers form NBE, Banque du Caire, and QNB Alahli to fund its new headquarters. The offers are estimated at 40-50 million pounds.