NBE, Banque Misr In Talks With SFD Over SMEs Financing Contracts

The National Bank of Egypt (NBE) and Banque Misr are currently conducting negotiations with the Social Fund for Development (SFD) over signing contracts to finance small and medium enterprises (SMEs).

The negotiations are in preliminary stages as the value of the finance contracts are not decided yet, said Essam El-Korashy, head of SMEs development department at SFD.

SFD will sign a new finance contract with the Commercial International Bank (CIB) worth EGP 100 million during the current month to finance the rehabilitation of poultry industry, as part of SFD’s efforts in supporting poultry SMEs, El-Korashy added.

Sources said NBE targets to sign finance contract worth EGP 700 million with SFD during this fiscal year, adding that NBE signed finance contracts worth EGP 1.2 billion in the last fiscal year, raising the value of finance contracts signed with SFD to EGP 5 billion.