National Bank of Egypt (NBE) intends to sign an EGP 80 million contract with Social Fund for Development in order to finance the project which will create jobs for youths in makeshift gas pipes centers. Sources said that the fund will be disbursed in two equal installments.
Sources added that NBE is negotiating with Social Fund for Development over an EGP 400 million fund to finance SMEs and another EGP 200 million fund to finance the current debit balance of the deposits by the beginning of April.
Noteworthy that NBE financed 6500 customers in SMEs with EGP 1.3 billion in the first half of the current fiscal year from the total approvals in value to EGP 1.6 billion. NBE eyes achieving EGP 2.2 billion in SMEs financing by the end of the current fiscal year.