Alexandria Business Association to get $33.7mn facilities from two banks next month

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

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

On the other hand, ABA is in talks with the Social Fund for Development to raise its credit limit from 25 million pounds to 50 million pounds during 2016, El Tabaa added.

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