NBE To Sign 3 Contracts Worth EGP 192 Mln With SFD Next Month

The National Bank of Egypt (NBE) targets to sign three finance agreements worth EGP 192 million with the Social Fund for Development (SFD) to finance small and medium enterprises (SMEs) by next January.

The values of the three agreements are worth EGP 100 million, EGP 80 million and EGP 12 million, sources said. The total value of finance agreements signed by NBE and SFD exceeded EGP 5 billion which were used to finance tourism, medical and industrial sectors.

NBE’s portfolio of SME finance rose to EGP 8.6 billion at the end of November 2012. The bank plans to expand in financing unregistered SMEs which account for 90% of total number of SMEs.

NBE targets to increase the value of SME finance portfolio by EGP 4 billion by the end of FY 2012/2013, raising the value of net outstanding loans to EGP 2 billion by the end of June 2013 after loans’ repayments.