ABA, National Bank of Egypt Negotiate over EGP20mn Finance for Micro Projects

Alexandria Businessmen Association (ABA) is seeking to obtain finance stimulus from the National Bank of Egypt (NBE) worth EGP20 million for financing micro projects, said Executive Director of ABA Moataz Al Tabaa.

The Association got EGP20 million credit limit from the Social Fund for Development (SFD) therefore it resorted to NBE to obtain loan financed by SFD for the bank obtained package worth EGP550 million.

ABA obtained EGP40 million credit facilities from Industrial Development and Workers bank (IDWB) and it is negotiating with Audi bank to obtain facilities with the same value.

ABA’s total value of finance for micro projects reached nearly EGP795 million in November, 600 thousand benefited from the finance.

Moreover, the Association is aiming to inaugurate 3 new branches within the current year, including El Shariqia that will be inaugurated during the current month to register 63 branches by the end of 2014.