National Bank signs EGP 200m contract with Social Fund

National Bank of Egypt plans to sign a contract in value to EGP 200m with Social Fund for Development to finance the current debit system (withdrawal and deposit) in the fourth quarter of the current year.

Sources said that there are negotiations between NBE and Social Fund to sign finance contracts in value to EGP 200 million and EGP 400 million, to be directed to finance SMEs this year.

Sources said that NBE will also sign the contract, in value to EGP 40 million, of the 6th phase of “creating jobs for youth” project, which will be mainly in makeshift shopping centers, such as gas pipes centers in the fourth quarter of the year.

Noteworthy that NBE received approvals on contracts, in value to EGP 975 million, in the first half of the current year. NBE also targets getting approvals on contracts up to EGP one billion this year.

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