ABA Negotiates With Bank of Alexandria to Boost Credit Facilities to EGP120mln

Alexandria Business Association (ABA) is currently making negotiations with Bank of Alexandrai (Bank of Intesa Sanpaolo Group) in order to boost the granted periodic credit facilities to EGP 120 million starting from the coming fiscal year to comply with ABA’s plan in increasing the funds volume.

An official source has informed Amwal Al Ghad that ABA renewed the credit facilities with the bank with EGP 95 million and it will be used until the end of the current year.

The source added that the total funds which provided by ABA regarding micro-projects reached EGP 79.6 million at the end of September so as to finance around 27.8 K projects.

The source has explained that ABA is aiming to inaugurate 3 new branches in Arab tower, Abou Homs, Beheira and Kafr el-Sheikh within the current fiscal year, the total number of branches reached 63.

ABA is considering to revive Libya market project through the funding of the owners of small and micro projects in Mersa Matrouh market in cooperation with the U.S Agency for International Development.