NBE signs EGP 11 m contract with Social Fund for financing physicians and pharmacists projects

National Bank of Egypt (NBE) aims at signing a contract with Social Fund for Development (SFD) with EGP 11 million to finance physicians and pharmacists SMEs in the second half of the fiscal year 2011/2012.

Sources said that NBE targets signing many contracts, such as franchise contract with SFD with EGP 50 million to provide franchise trademarks for SMEs, providing job vacancies for youths, besides there is also a EGP 40 million contract to be signed with NBE which is the sixth phase of “offering jobs for youths project” in makeshift shopping centers such as gas pipes centers.

NBE got an approval on contracts with value of EGP 975 million in the first half of the current fiscal year, adding that NBE is looking forward to getting approvals on contracts with value of EGP one billion in the current half of the year, Sources affirmed.

NBE financed 6500 customers in SMEs in value to EGP 1.3 billion in the first half of the fiscal year 2011/2012 of EGP 1.6 billion of the total value of approvals. NBE targets financing SMEs with EGP 2.2 billion by the end of the current fiscal year.