ABA-Egypt Receives EGP 90 mln Credit Facilities from NBE

Alexandria Business Association(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-finance projects.

An official source in the Association has emphasized to Amwal Al Ghad that ABA 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.

The source said the Association is targeting to inaugurate 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 provided EGP 60.5 K  to 21.7 K micro- project during August despite the hard circumstances which passed by Egypt.

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.