Banque Du Caire Negotiates with SFD Over EGP 200 Mln Finance To Micro-Enterprises

Banque Du Caire is negotiating with Social Fund for Development (SFD) over a finance agreement worth EGP 200 million to finance service and industrial micro-enterprises.

Sources told Amwal Al Ghad that the agreement is expected to be signed by the beginning of the third quarter. The value of the agreement is the largest finance value offered by SFD to micro-enterprises.

SFD is focusing on financing these enterprises for their ability in providing job opportunities for various social classes, sources noted.

Banque Du Caire has the largest micro-enterprises finance portfolio as it reached EGP 5 billion with bad debts of less than 3%. The portfolio offered about one million loans for 360,000 customers; 20% of which are women.

SFD signed finance agreements worth EGP 300 million with banks to finance micro-enterprises in the first quarter of the year, sources added.

SFD also signed 18 finance agreements worth EGP 7.8 billion with non-government organizations in five cities to finance micro-enterprises.

Banque Du Caire focuses on supporting these enterprises for their major role in boosting production and developing social situation through their ability in reducing unemployment as such finance program succeeded in providing about 500,000 job opportunities which accordingly has boosted the national economy.