NBE, CIB To Sign 3 Contracts Worth EGP 300 Mln For SMEs

The Social Fund for Development (SFD) will sign three finance contracts worth EGP 300 million with the National Bank of Egypt (NBE) and the Commercial International Bank (CIB) to finance small and medium enterprises (SMEs).

Nevine Gamea, head of SME development department at SFD, said the first contract is worth EGP 100 million and will be signed with CIB to finance poultry projects.

In addition, SFD will sign the first Musharaka finance contract with NBE with value of EGP 150 million as well as a franchise finance contract worth EGP 50 million.

Gamea revealed that SFD targets to increase the value of SME finance portfolio by EGP 1.2 billion to reach EGP 4.5 billion by the end of 2012.

SFD also plans to expand in financing micro-enterprises through offering credit facilities worth EGP 600 million to these enterprises during 2012, while it provided micro-enterprises with EGP 400  million in 2011.