Nasser Social Bank’s Budget Hit EGP 9.185 Bln in Six Months

Nasser Social Bank’s budget for the first half of FY 2012/2013 reached EGP 9.185 billion, registering an increase of 712 million (8%).

The Egyptian Minister of Insurance and Social Affairs and Chairman of the bank Nagwa Khalil stated that the value of investment deposits reached EGP 3.494 billion, registering an increase of EGP 484 million (16%).

The total value of disbursed funds reached EGP 2.182 billion, registering an increase of EGP 141 million. These finances are used to help low-income people have suitable homes, encourage owners of small enterprises, support productive projects, develop projects of young graduates and finance the furnishing of marital apartments and the purchasing of means of transportation.

Khalil affirmed that the bank also finances activities which achieve social development for the target segments with the aim of fostering the principle of solidarity in the society. In this regard, the bank disbursed Islamic loans (non-interest loans) to low-income people with easy payment conditions. The bank offered EGP 93 million in this period to 20, 324 beneficiaries, registering an increase of EGP 44 million.

The bank provides poor families with their basic needs through offering funds and in-kind aids. The bank offered EGP 17 million in this period to 11, 128 beneficiaries, registering an increase of EGP 2 million.

The Minister concluded that Nasser Social Bank plays a key role in achieving social and economic development to all people in Egypt especially the most in need.