The Arab Investment Bank (AIB) has signed today its first financing contract with Egypt’s Social Fund for Development (SFD). The contract is at value of 100 million Egyptian pounds (US$13.4 million), designed to finance small and medium-sized enterprises (SMEs) as well as SFD’s debt account activity.
Debit account is the short-term facilities “overdrafts” offer clients a credit ceiling (amounts) corresponding to the short-term financial requirements of their enterprises.
Following the signing ceremony, Nevine Gamea – Head of SFD’s Central Sector for Small Enterprise Finance – said the contract is the first to be signed between AIB and the fund.
Gamea further stated that SFD’s total financing for small projects had reached 2 billion pounds by the end of 2014, to be beyond the 2014 target of 1.630 billion pounds. This comes in the light of SFD’s expansions into financing several banks and social societies, she noted.