NBE Considers Funds for Schools and Poultry

National Bank of Egypt (NBE) studies offering a new finance product that will meet the needs of governmental and private schools, as part of the Bank’s plans to expand in SMEs during the fourth quarter of the current fiscal year.

Soha Soliman, head of financing SMEs Unit at NBE, said that the new product has not been outlined yet. NBE signed a protocol to the cooperation agreement with Ministry of Education to finance the printing of school books with EGP 50 million and with an interest rate of 12%.

In addition, NBE studies offering a product to finance fish industry, but the difficulty of determining the body that will receive the funds may cancel this plan, Soliman said.

NBE offered funds for SMEs from the beginning of the current fiscal year mainly for tourism, furniture industry, spinning and weaving.

Sources said that NBE plans to sign finance agreements with value of EGP 115 million with Social Fund for Development to implement the second phase of poultry funding with up to EGP 15 million for each customer and with an interest rate of 8%. It is worth mentioning that the Bank ended the first phase by signing funding contracts with value of EGP 100 million.