The National Bank of Egypt (NBE) and Social Fund for Development (SFD) sign new contracts worth EGP400 million in the current month in order to finance small and medium sized projects.
An official banking source has quoted Amwal Al Ghad that the bank has recently contracted with the fund with EGP146 million for small and medium sized projects.
The source explained that the bank’s contracts with the fund reached EGP346 million, within the first half of the current fiscal year, so the total contracted boosted to EGP5.5 billion.
NBE pumped around EGP3 billion during the first 7 months of the fiscal year of 2013/2014 to finance micro, small and medium sized projects, so the total cumulative portfolio of the sector’s projects up EGP10 billion in the last January.
Meanwhile, NBE attained17.4% net profits, becoming EGP7.1 billion at the end of the last fiscal year, to achieve EGP3.04 billion which is the higher net profits in the bank’s history at the end of June 2013, move up with 8.1% in compared to the previous year.