National Bank of Egypt’s 2019 credit portfolio records $3.9 bln

National Bank of Egypt’s (NBE) credit portfolio for small projects reached 64 billion Egyptian pounds ($3.9 billion) this year, Head of SMEs sector Saad Mohy el-Din said on Sunday.

Mohy el-Din added that the bank is working to reach 100 billion pounds at the end of 2020 to finance and prepare feasibility studies and technical studies for the sector of small and medium enterprises.

This came during a press conference held to announce the details of the activities of the second session of the business conference 2019, which is scheduled to be hosted by Egypt in November.

Mohy el-Din said that small and medium enterprises represent most of the projects in Egypt, noting that his bank provided 37 billion pounds to around 32,000 customers.

“The bank adopted most of the associations and microfinance companies by about 6.2 billion pounds,” he said, stressing that the bank launched the Nile Pioneers initiative aimed at providing non-financial services to provide job opportunities through small and medium enterprises.

With expectations to double the figures of previous edition, BiznEX 2018 was the first and only international business and franchise expo in Egypt.

It was designed to be a one-stop-platform offering business opportunities and services from five main pillars: Commercial Investments, Local and International Franchising and Licensing, Financial and  Funding Solutions, Governmental Services, Administrative and Commercial Real-estate Investment, Consultants and Service Providers for potential business owners, potential franchisees and potential entrepreneurs.