NBE’s Contribution for SMEs Hit EGP10.6 billion at February-end

State-owned National Bank of Egypt (NBE)’s total lending for the small and medium-sized sector hit EGP10.6 billion by the end of February 2014, according to the bank’s Head of SMEs Soha Soliman on Saturday.

On the sidelines of Union of Arab Banks’ Forum “SMEs: A Future Vision for Sustainable Development in the Arab World”, Soliman said registered SMEs account for 10% of total number of nation-wide SMEs, noting that only 6% deal with the banks.

On the other hand, the unregistered SMEs represent 90% of total number of SMEs across the country, she added.

Moreover, the official also stated that NBE has signed up till now 72 funding contracts with the Egyptian Social Fund for Development (SFD) worth EGP8 billion to finance the SMEs projects.

263 out of NBE’s total nation-wide branches are working to serve the SME segment, she further elaborated.

Union of Arab Banks’ Forum “SMEs: A Future Vision for Sustainable Development in the Arab World” was being taken place on 27-29 March in Sharm El- Sheikh.