ABA, Audi bank, IDWB in Talk to Get EGP50mln Finance

Alexandria Businessmen Association(ABA) is currently negotiating with Audi bank and Industrial Development and Workers Bank (IDWB) in order to obtain EGP50 million finance for re-lending micro projects.

ABA has enough resources till the end of the current year, but the Association negotiates to cover new finance so as to expand by the upcoming year Moataz El Tabaa – Executive Director said.

ABA obtains renewable credit facilities from the National Bank of Egypt (NBE) and Alexandria ( Bank Of Intesa Sanpaolo Group) worth EGP90 million for each bank ,El Tabaa noted.

He added that the total finance which has pumped by ABA for micro projects reached around EGP350 million for 105.000 micro projects within the first 5 months of this year.

ABA aims injecting new finance worth EGP1.2 billion in 2014, against EGP850 million in the last year.

The volume of issued Cumulative loans from the Association to micro projects reached up EGP5 billion at the end of first quarter.

Furthermore, ABA is the first beneficial for serving Query credit in cooperation with I-Score, as it will get 6.000 Query credit monthly from the company.