Egyptian Postal Service Cooperates With SFD To Disburse Loans For SMEs

The Egyptian Postal Service plans to deal with the Social Fund for Development (SFD) to offer loans to small and medium-sized enterprises (SMEs) through its branches spread across all governorates in Egypt.

The Postal Service is in talks with SFD as it seeks to offer personal loans to SMEs, Dr. Ashraf Gamal El-Din, chairman of the Postal Service said.

Given that they are both governmental entities, the procedures of cooperation between SFD and the Egyptian Postal Service will not take a lot to be done, he confirmed.

Gamal El-Din has reached an initial agreement with Ghada Wali, secretary general of SFD, to make the Postal Service able to offer loans through its branches.

After signing definitive agreement with SFD, the Postal Service will start negotiations with the National Bank for Egypt (NBE) for being one of the most important lenders of SMEs, he added.

The Service dealt with the Egyptian Businessmen Association to disburse small loans to the members of the Association in Northern Egypt, Delta and Alexandria. Each office will give loans worth EGP 500,000.