National Bank of Egypt, SFD sign new Finance Deal next Week

National Bank of Egypt (NBE) is due to sign a new contract worth 200 million Egyptian pounds (US$26.2 million) with Social Fund for Development (SFD) within next week.

The financing contract will go for the small and medium-sized enterprises (SMEs), a source from NBE told Amwal Al Ghad on Wednesday.

This is the third contract to sign this year for NBE after receiving financing packages worth 550 million pounds (US$72 million) in form of two contracts worth 300 million pounds and 250 million pounds, respectively.

During Egypt Economic Development Conference (EEDC) held on March 13-15 in Sharm El-Sheikh, the National Bank of Egypt has managed to sign a loan agreement with the European Investment Bank (EIB) to obtain €120 million loan to fund SMEs in the country.

On the other side, SFD eyes funding volume estimated at 5.769 billion pounds within 2015 in addition to 1.645 billion pounds finances for SMEs.