ABA, 3 Banks in Talks over Credit Facilities worth EGP290 mln

The Alexandria Business Association (ABA) is negotiating  with the National Bank of Egypt (NBE) , Bank of Alexandrai (Bank of Intesa Sanpaolo Group) and National Société Générale Bank (NSGB) in order to obtain EGP290million credit facilities by the next fiscal year.

An official source has informed Amwal Al Ghad that ABA has finalized obtaining EGP180million from NBE and Bank of Intesa Sanpaolo Group and it is aiming to boost its facilities to EGP240million by the coming year in the light of its expansion strategy which it based on funding micro projects.

He added that the bank obtained EGP25million credit facilities from NBE and it is targeting to rise it to EGP50million by the end of the current fiscal year.

ABA is eyeing to inaugurate 3 fresh branches in Arab Tower Abou Homs, Beheira and Kafr el-Sheikh within the current fiscal year, the total number of branches reached 63.

The association is considering reviving Libya market through funding the owners of small and micro projects in Mersa Matrouh market in cooperation with the U.S Agency for International Development.