NBE Negotiates With SFD To Secure EGP 90 Mln For NGOs

The National Bank of Egypt (CBE) is in talks with the Social Fund for Development (SFD) to receive EGP 90 million finance.

The finance will go for non-governmental organizations (NGOs) to lend micro-enterprises, said Saad Mohy El-Din, deputy head of SME sector at NBE.

NBE’s strategy aims at expanding in financing micro-enterprises so as to encourage customers to be officially licensed which will in turn boost the sector, he added.

Soha Soliman, head of SME sector at NBE, said that the bank’s micro-enterprises finance portfolio has reached about EGP one billion.

NBE has allocated EGP 50,000 for each customer in the unofficial sector to motivate them to apply for official licenses, she added.

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