National Bank signs a LE 400m contract with Social Fund next April

National bank of Egypt will sign a contract with Social fund for Development in value to EGP 400 million in the fourth quarter of the current fiscal year to finance SMEs.

Sources said that that NBE negotiates with SFD to receive the loan lump sum next April, as NBE wants to expand in financing SMEs.

NBE will sign the EGP 40 million contract of the project’s 6th phase which will create job vacancies for youth in makeshift shopping centers, mainly in gas pipes centers in the fourth quarter, Sources added.

NBE received approvals of contracts in value to EGP 975 million in the first half of the current fiscal year, and it aims at getting approvals on contract up to EGP one billion in the current half.

Noteworthy that NBE financed 6500 new customers in SMEs with EGP 1.3 billion in the first half of the fiscal year out of EGP 1.6 billion of the total value of approved finance contracts. NBE aims at financing SMEs with EGP 2.2 billion by the end of the current fiscal year.