Banque Du Caire Secures EGP500mn Financing Package for Micro Projects

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Banque Du Caire will provide soon the Egyptian Social Fund for Development (SFD) a financing package worth 500 million Egyptian pounds, the fund’s Secretary General announced on Sunday.

Speaking to Amwal Al Ghad on Sunday, SFD’s Secretary General Hanaa El Hilaly said her fund met today with Mounir El Zahed – CEO of Banque Du Caire – to agree on a financing package in support of the country’s micro-sized projects.

Within days, SFD will sign a financing contract worth 300 million pounds with Banque Du Caire to fund micro-sized projects, El Hilaly noted.

Banque Du Caire takes the lead among other Egyptian banks in financing micro-sized projects, with a micro financing portfolio reaching around 7 billion Egyptian pounds.

During the first half of 2014, SFD signed 12 contracts worth 1.081 billion Egyptian pounds with banks and financial institutions for the support of small projects. In addition, the fund also signed, during the first half, 11 contracts at value of 90 million pounds with financial institutions to fund micro-sized projects.