Egypt’s ABA Obtains EGP280mn Credit Facilities from 2 Banks

Alexandria Businessmen Association (ABA) obtained EGP280million credit facilities from National Bank of Egypt (NBE), AlexBank ( Bank Of Intesa Sanpaolo Group) in order to finance micro projects.

Executive Director of ABA Moataz Al Tabaa told Amwal Al Ghad that the facilities are divided equally between the two banks worth EGP140million for each bank.

The total financing of ABA for micro projects are around EGP647 million, 209 thousand projects benefited from it within the first 9 months of this year.

ABA is targeting to achieve EGP990 million finance at the end of 2014, stressing that the Association has financed 128.000 loans worth EGP88 million in September only.

Furthermore, ABA is aiming to inaugurate 3 new branches this year one of them in Al-Sharqia governorate, becoming 63 branches by the end of 2014.