National Bank of Egypt negotiating SFD for new SME finance scheme

The National Bank of Egypt, the country’s biggest public lender, says plans to secure a new financing package worth multi-million Egyptian pounds directed to support small and medium-sized businesses.

The bank is currently conducting talks with Egypt’s Social Fund for Development (SFD) over a new financing deal worth 300 million Egyptian pounds (33.7 million), Saad Mohie El-Din – NBE’s head of SME sector – told Amwal Al Ghad on Tuesday.

The money will go for the development of small and medium-sized projects nationwide, Mohie El-Din said.

This will be the first contract to be signed between NBE and the fund for the new financial year 2016/2017, the banking official added.