Egypt’s National Bank, AfDB portfolio for SMEs hit $340mn

The total funds provided by the African Development Bank (AfDB) in favor of the National Bank of Egypt (NBE) for Small and Medium-sized Enterprises (SMEs) have reached US$340 million.

Saad Mohyeldeen -NBE’s deputy head of the small and medium-sized enterprises division- said Tuesday that the bank has executed all  the agreements signed with AfDB according to conditions agreed upon.

The official made these remarks during his speech in the closing conference of Rural Income and Economic Enhancement Project (RIEEP) financed by AfDB.

Mohyeldeen clarified that the bank got a loan estimated at 290 million pounds (US$37 million) to fund farmers among the RIEEP project i.e. 165 million pounds to finance small enterprises in agricultural field.

The National Bank of Egypt has lend 125 million pounds to micro finance associations to be re-lend to agricultural projects.