United Bank’s Finance to SMEs Hit EGP200 Mln in May, Chief Says

Mohamed Ashmawy, chairman of United Bank, announced that the bank’s finance to the SMEs projects have totaled at EGP 200 million in May 2013.

Mohamed Ashmawy, in exclusive statements to Amwal Al Ghad, pointed out that 60% of the bank’s SMEs portfolio is represented in letters of credit and indirect funding.

The bank had withdrawn EGP 50 million out of the total volume of the contracts in which the bank signed with Social Fund for Development (SFD); noting that the contracts worth EGP 100 million, he added.

Mohamed Ashmawy explained that his bank intends to expand in financing the Small and Medium Enterprises through launching 2 investment funds for SMEs with a capital of EGP 200 million in collaboration with Enma For Real Estate Development.