NBE Signed 3 Finance Contracts Worth EGP 480 Mln With SFD

The National Bank of Egypt (NBE) signed three finance contracts worth EGP 480 million with the Social Fund for Development (SFD) last week.

Sources said the finance will go directly and indirectly for 10,000 small and medium-sized enterprises (SMEs).

Sources revealed that the first contract is worth EGP 200 million and will finance the current debit account, the second contract is worth EGP 200 million and will finance the development of SMEs, and the third contract is worth EGP 80 million and will finance micro, small and medium enterprises (MSMEs).

NBE’s SME finance portfolio reached EGP 10.3 billion at the end of 2012; of which EGP 8.9 billion are finances directly offered to customers, sources added. The bank has raised the number of its customers by about 9, 7000 as of the end of 2012.

In addition, NBE targets to increase the value of SME finance by EGP 4 billion by the end of FY 2012/2013, to raise the value of net outstanding loans to EGP 2 billion by the end of June 2013 after loans’ repayments.