NBE, SFD Sign EGP146 mln Contract to Finance SMEs

The National Bank of Egypt (NBE) signed a new contract in the amount of EGP 146 million with the Social Fund for Development (SFD) on Monday to finance small and medium enterprises (SMEs).

The SFD is seeking to sign within next year new contracts with 3 banks; The United Bank, Union National Bank and Bank Audi Egypt at values ranging between EGP 200-300 million, Amwal Al Ghad has quoted Nevine Gamea – Head of Central SME Sector at SFD – as saying on Monday

It is noteworthy, that the NBE captures the lion’s share in SFD’s loans since it obtained loans approaching EGP one billion,  Industrial Development & Workers Bank of Egypt (IDBE) comes second with finance contracts near EGP 300 million.