Al Baraka Islamic Bank To Sign Islamic Finance Contract Worth EGP 200 Mln With SFD

Al Baraka Islamic Bank plans to sign a sharia-compliant finance contract worth EGP 200 million with the Social Fund for Development (SFD) next week to finance small and medium enterprises (SMEs).

The bank and the fund will each provide EGP 100 million, said Essam El-Korashy, head of SMEs development department at SFD.

The total volume of SMEs finance portfolio held at SFD reached EGP 4 billion. SFD targets to inject EGP 700 million in this portfolio during the current year, El-Korashy added.