NBE Targets Injecting EGP 4 Bln To SMEs In FY 2012/13

The National Bank of Egypt (NBE) targets to increase the value of finances if offers to small and medium enterprises (SMEs) by EGP 4 billion during the current fiscal year to make the value of net outstanding loans reach EGP two billion by the end of June 2013 as a result of loan repayments.

The bank injected about EGP 6 billion during the last two years to about 8,000 customers, raising the number of SME customers to 36,000, said Soha Soliman, head of SME sector at NBE.

NBE’s SME finance portfolio reached EGP 8.6 billion at the end of last November and the bank plans to expand in financing unregistered SMEs which accounted for 90% of the total number of SMEs, she added.

The bank offered 23 varied products that cater to the needs of all SMEs which contribute 85% to GDP.