SFD Signs EGP 120 Mln Franchise Finance Contracts

Social Fund for Development (SFD) is signing franchise finance contracts with value of EGP 120 million with National Bank of Egypt, Bank Audi, United Bank and Industrial Development and Workers Bank of Egypt (IDBE).

Essam El-Korashy, head of SMEs Development at SFD, told Amwal Al Ghad that SFD signed two contracts with value of EGP 50 million with Bank Audi and IDBE. In addition, SFD plans to sign two contracts with value of about EGP 70 million with National Bank of Egypt and United Bank.

The National Bank of Egypt negotiates SFD over a franchise finance contract with value of EGP 50 million, sources at the Bank said.

IDBE has signed a franchise finance contract with value of EGP 30 million at the beginning of this year, said Hamdi Azzam, member of board of directors at IDBE.