NBE to Sign EGP 100 Mln Contract with SFD

The National Bank of Egypt (NBE) intends to sign a new contract within this week with Social Fund for Development (SFD) at a value of EGP 100 million; noting that the contract amount is allocated to finance the debtor current accounts regarding withdraw and deposit.

Senior sources informed Amwal Al Ghad  that NBE has signed a new contract last week with Social Fund for Development (SFD) at a value of EGP 117 million whereas the contract amount is designated to finance the Small and Medium Enterprises projects.

NBE is currently negotiating with the SFD to sign the new EGP 100 million contract, which is allocated to finance micro enterprises; noting that NBE’s contracts with SFD have totaled at EGP 5.5 billion, the source added.

The source further pointed out that SMEs’ outstanding portfolio of the bank has surged to EGP 8.9 billion last May, compared to EGP 4 billion in June 2010, recording an increase of EGP 5 billion.

He explained that NBE had pumped EGP 10 billion to finance SMEs over the last 3 years.