SFD in talks with two banks over $25.5mn contracts

The Social Fund for Development (SFD) is to sign two contracts with two banks to finance small enterprises, Head of SFD’s Central Sector for Small Enterprise Finance Nevine Gamea said Tuesday.

The two contracts -set to be signed with Al Baraka Bank Egypt and The United Bank- worth 200 million Egyptian pounds (US$25.5 million), Gamea stated.

On other side, Al Baraka Bank Egypt is to get a new contract worth 100 million pounds after the disbursement of a former partnership contract worth 100 million pounds, CEO Ashraf El Ghamrawy told Amwal Al Ghad.

Moreover, the United Bank is negotiating with SFD to get financing bunch worth 100 million pounds after the disbursement of a former contract worth 50 million pounds, a source told Amwal Al Ghad.