Alexandria Business Association In Talks With CIB Over EGP 20 Mln Loan

The Commercial International Bank (CIB) is in talks with the Alexandria Business Association (ABA) to receive a loan worth EGP 20 million to finance micro-enterprises.

ABA conducts negotiations with a number of other banks which deal with the Social Fund for Development (SFD) after ABA exceeded its maximum borrowing limit from SFD, said Motaz El Tabaa, Executive Director of ABA. The latest finance received by ABA from SFD was worth EGP 25 million, he added.

ABA has received credit facilities of EGP 40 million from Alex Bank Intesa Sanpaolo and EGP 20 million from the National Bank of Egypt (NBE). The total value of finances received by ABA from Alex Bank reached EGP 95 million and that from NBE reached EGP 74 million, he noted.

ABA’s finances to micro-enterprises reached EGP 531 million at the end of last October and the Association plans to raise such value to EGP 670 million by the end of 2012, El Tabaa revealed.