NBE signs one billion contract with SFD

National Bank of Egypt (NBE) intends to sign a contract in value to EGP one billion with Social Fund for Development to finance SMEs in the fourth quarter of the current fiscal year 2011/2012. Sources said that NBE also intends to offer new financing products for SMEs.

Sources added that NBE received approvals on funding contracts to finance the projects of physicians and pharmacists in value to EGP 100 million, SMEs in value to EGP 400 million, the current debit balance in value to EGP 200 million and jobs for youths’ project, which will create jobs for youth in gas pipes centers, in value to EGP 80 million.

Sources added that NBE signed funding agreements in value to EGP 800 million in the first half of the current fiscal year to finance SMEs.

Noteworthy that NBE financed 6500 customers in SMEs in value to EGP 1.3 billion in the first half of the current fiscal year, of the total approved funding contracts which reached EGP 1.6 billion. NBE eyes financing SMEs with EGP 2.2 billion by the end of the current fiscal year.