CIB and EGB negotiate with Social Fund over EGP 200 mln Finance Deal

By Administrator On Mar 26, 2012

Commercial International Bank (CIB) and Egyptian Gulf Bank (EGB) are negotiating with Social Fund for Development (SFD) over signing finance contracts with value of EGP 200 million, divided equally between both banks, by the second quarter of the current year to finance SMEs.

Banque Misr signed a finance contract with value of EGP 120 million to offer microfinance services, Ashraf Mekawy, head of Microfinance Division at SFD, told Amwal Al Ghad.

SFD is expanding in financing microenterprises as they have the greatest need for finance as well as they are contributing in reducing unemployment rate.

SFD signed 18 contracts with value of EGP 7.8 million with non-governmental organizations in five governorates to finance microenterprises.