Egypt’s Nasser Social Bank plans long-term investments worth $766mn

Egypt’s Nasser Social Bank is targeting a long-term investments estimated at 6 billion Egyptian pounds (US$766 million) according to its draft budget for the next financial year 2016-17.

The draft was approved by Ghada Wali –  chairperson and minster of social solidarity- on Wednesday, including future schemes and goals of the bank.

In a statement, Wali added that the draft budget is estimated at around 19.8 billion Egyptian pounds.

She clarified that the long-term investments include all finances provided by the bank to clients in different fields notably housing, automotive in addition to participating in founding companies. Accordingly, new job opportunities will be provided for youth.

Minister Wali noted that the strategic goals in the draft budget aims at making the bank one of the effective tools of developing and spreading social justice by expanding social solidarity base between citizens. In addition, the bank eyes granting aids, increasing social good loans, and maximizing its sources.

The chairperson pointed out that 25 million pounds of the draft budget have been allocated as aids for citizens while another 150 million pounds have been dedicated as good loans with zero-return.

The draft budget also allocated 120 million pounds to upgrade bank’s buildings and branches in order to accelerate and improve its performance, Wali said.