NBE, SFD Sign EGP 117 Mln Contract to Finance SMEs

National Bank of Egypt (NBE) has signed a new contract this week with Social Fund for Development (SFD) at a value of EGP 117 million; noting that the contract amount is allocated to finance the Small and Medium Enterprises.

An informed source in the NBE declared to Amwal Al Ghad that the bank is negotiating with the SFD to sign EGP 100 million contract, which is allocated to finance micro enterprises; noting that NBE’s contracts with SFD reached EGP 5.5 billion.

He pointed out that SMEs’ outstanding portfolio surged to EGP 8.9 billion last May, compared to EGP 4 billion in June 2010, recording an increase of EGP 5 billion.

He explained that NBE had pumped EGP 10 billion to finance SMEs during the last 3 years.