NBE Signed Finance Contract Worth EGP 100 Mln With SFD

The National Bank of Egypt (NBE) signed at the beginning of this week a new finance contract worth EGP 100 million with the Social Fund for Development (SFD) to finance small and medium enterprises (SMEs).

NBE signed another finance contract worth EGP 55 million two weeks ago to finance SMEs, sources said.

There are negotiations between NBE and SFD over signing the bank’s first franchise finance contract worth EGP 50 million, sources added, expecting this contract to be signed within a month.

The total value of finance contracts signed by NBE and SFD rose to EGP 5 billion. The bank signed finance contracts worth EGP 1.2 billion in the last fiscal year.

The total value of finances offered by the bank to SMEs reached EGP 3.3 billion in the last fiscal year.