NBE finances fish and poultry projects

National Bank of Egypt (NBE) plans to offer a new product to finance owners of fish farms and poultry projects by the fourth quarter of fiscal year 2011/2012, as part of the Bank’s plans to expand in financing SMEs, so as to make SMEs loans portfolio reach 2.2 billion by the end of the current fiscal year, Sources affirmed.

NBE plans to sign financing contracts in value to EGP 115 million with Social fund for Development so as to implement the second phase of financing poultry projects, with an interest rate up to 8%, which will give funds by EGP 15 million as a maximum limit for each customer.

Sources also said that NBE is going to offer durable-goods loans after finishing its final form.

Noteworthy that NBE offered funds for 6500 customers in SMEs in value to EGP 1.3 billion of the total EGP 1.6 billion approved loans.