National Bank of Egypt to Get EGP300mn Finance from SFD Tomorrow

National Bank of Egypt (NBE) will sign tomorrow contract with Social Fund for Development (SFD) worth EGP300 million to go for financing small and medium projects.

Deputy Chairman of Small and Medium Sector at NBE Saeed Mohy El Din told Amwal Al Ghad that the bank is planning to sign 5 agreements with SFD worth EGP850 million within the upcoming period.

The new contracts will go for financing small and medium projects along with financing the debtor current account and furniture projects.

Secretary General of SFD Hanaa El Hilaly said the fund is about to sign contracts with other banks in the forefront Housing and Development Bank (HDB) and United Bank with EGP110 million.

Moreover, SFD signed 12 contracts with parties and banks estimated at EGP1.081 billion during the first half of the current year so as to finance small projects as well as 11 contracts with associations valued at EGP86 million for micro projects.