NBE To Finance 6th Phase Of Youth Employment Project

The National Bank of Egypt (NBE) intends to sign a contract with the Social Fund for Development (SFD) to finalize the sixth phase of the youth employment project which will provide youth with makeshift gas pipes markets by the last quarter of the current year.

Sources said the value of the finance contract is EGP 80 million to be disbursed in two equal tranches. The bank executed five phases of the project with costs of EGP 80 million.

The bank postponed signing the contract many times because of the current political turmoil as the bank waited the Minister of Social Solidarity to sign the contract, sources added.

The bank targets to sign contracts worth EGP 700 million with the SFD in the current fiscal year to finance small and medium enterprises (SMEs). The bank signed contracts worth EGP 1.2 billion with SFD in the last fiscal year.

NBE offered EGP 3.3 billion finances to SMEs in the FY 2011/2012, up from EGP 2.2 billion in 2010/2011.