NBE Signs Finance Contracts Worth EGP 1.2 Bln With SFD In FY 2011/12

The National Bank of Egypt (NBE) said the value of finance contracts it signed with the Social Fund for Development (SFD) to finance small and medium enterprises (SMEs) reached EGP 1.2 billion in the last fiscal year.

Sources said the bank signed a number of finance contracts worth EGP 155 million to finance SMEs and another finance contract worth EGP 200 million for the debit current account (deposit and withdrawal).

The bank is currently in talks with SFD over signing finance contracts worth EGP 700 million in the current fiscal year, including a franchise finance contract worth EGP 50 million and a poultry finance contract worth EGP 115 million, sources added.

The bank had paid visits to eight chambers of the Federation of Egyptian Industries and had set two programs for the printing industries and a program for metallurgical industries, sources noted.

NBE’s finances to SMEs reached EGP 3.3 billion at the end of the last fiscal year and the value of finance contracts the bank signed with SFD exceeds EGP 5 billion.