NBE, AlexBank to secure $33.7mn credit facility for Alexandria Business Association

Non-profit Alexandria Business Association (ABA) is set to receive credit facilities of 300 million Egyptian pounds ($33.7 million) from National Bank of Egypt and AlexBank next month, its executive director Moataz El Tabaa said Saturday.

In 2015, ABA has received credit facilities worth 240 million pounds from both banks; however it seeks to raise the credit limit to 300 million pounds in 2016, the executive director noted.

Meanwhile, ABA is in talks with Egypt’s Social Fund for Development to raise its credit limit from 25 million to 50 million pounds during 2016, El Tabaa added.

ABA has pumped 450 million pounds into 110,000 loans, aiming to inject 1.3 billion into loans for micro enterprises during 2016