NSBA Finance Micro-Enterprises with EGP 20 mln

North Sinai Businessmen Association (NSBA) signed financing contracts with EGP 20 million for 5000 micro-enterprises in the governorate during the last period, financed by the USAID to Egypt; received by ministry of planning and international cooperation.

Mahmoud Refaee, NSBA board chairman, told Amwal Al Ghad that the loans range between EGP 3-50 thousand per one enterprice, that could be paid on 6-18 months with low interest. A large number of enterprices such as stores, small industrial workshops and crafts have made use of this finance; consequently it provided thousands of job openings for the youth in the governorate and modified its economic state.

He added that the finance granted to the micro-enterprices retreated in Q1 of 2012, due to some problems came about between the borrowers. This negativly influenced on the the available liquidity for loaning in the association; especially it based on the system of periodical loans.