NBE: Demands On Tourism SMEs Funds Register 80% In February

Demands on tourism SMEs funds have been offered recently by National Bank of Egypt (NBE) increased to 80% of the total demands for the bank’s services at the end of last February.

Soha Soliman, head of financing SMEs unit at NBE, said the Bank allocated EGP 5 billion, which will be increased when fully disbursed, to finance tourism industry so as to support the sector amid the current unrest in the country.

Soliman attributed this increase in demand to the shortage of liquidity in the sector.

NBE’s new loans to SMEs registered EGP 1.6 billion for 6300 new customers besides other customers during the first eight months of the FY 2011/2012.