Banque Misr, SFD in Talk over EGP100mn Islamic Contract for SMEs

Banque Misr is currently in talks with Social Fund for Development (SFD) in order to sign the first Islamic contract for small projects up EGP100 million.

From her Part, Nevine Gamea – Head of SFD’s Central Sector for Small Enterprise Finance said negotiations are still in its initial phases and it is expected that the contract will be finalized within the third quarter.

SFD met Housing and Development bank (HDB)in the last week so as to consider the financial statements of the bank, Gamea noted.

Around  the firms, Gamea explained that SFD granted Upper Egypt Leasing Company EGP10 million finance for relending small firms.

Furthermore, SFD allocated EGP100 million for finance microbus project in collaboration with Cairo Governorate.