ABA –Egypt Grants EGP 80 mln for Micro-Projects Within Sept

The total funds of Alexandria Business Association (ABA) for micro projects, has hit around EGP 79.6 million for financing about 27.8 K projects.

Moataz El Tabaa – Executive Director at ABA, has emphasized to Amwal Al Ghad that the Association succeeded to improve its results, which affected by the recent political events, explaining that the last month has passed by the lowest finance worth EGP 60.5 million.

El-Tabaa has explained that ABA is targeting to open 3 new branches in Arab tower, Abu Homs-El-Behaira and Kafr el-Sheikh during the current fiscal year so the total number of branches become 63.

ABA has finalized renewing credit facilities with the National Bank of Egypt (NBE) worth EGP 90 million within the last few days, aiming to support micro projects.

The Association further has renewed its facilities with the Bank of Alexandria with EGP 95 million, explaining that the facilities which renewed by the Association will meet the needs of customers until the end of the current fiscal year.

Moreover, ABA is considering to revive Libya market project through the funding of the small businesses and micro-projects  in Marsa Matrouh market in cooperation with U.S. trade and Development Agency.