NBE to Ink EGP250mn Contract with SFD to Finance Small Projects Tomorrow

National Bank of Egypt (NBE) will sign tomorrow a contract with Social Fund for Development (SFD) worth EGP250 million in order to go for financing micro projects.

In the last month, the bank signed a contract with SFD estimated at EGP300 million in order to finance the current account debtor financed by the World bank.

From her part, Head of SFD’s Central Sector for Small Enterprise Nevine Gamea said the Fund is also would sign two contracts with Société Arabe Internationale de Banque (SAIB) and Housing and Development bank (HDB) totalling EGP120 million.

SFD funded EGP1.3 billion finances during the first 9 months of the current year including direct and indirect finances and throughout associations and banks.

Moreover, the fund has signed 12 contracts with intermediaries and banks valued at EGP1.081 billion in the first half of the current year so as to go for financing small projects alongside 11 contracts with EGP86million to finance micro projects.