Social Fund signs EGP 500 m contracts with 5 banks in Q1

Social Fund for Development signed financing contracts in value to EGP 500 million with 5 banks, which will be directed to finance SMEs in the first quarter of the current fiscal year.

Essam El-Korashy, head of SMEs Development at SFD, said the Fund signed these contracts with Industrial Development Bank in value to 180 million and Bank for Development Agricultural Credit in value to EGP 150 million, Misr Iran Bank in value to EGP 100 million, Audi Bank in value to EGP 35 million and Al-Ahli Bank.

El-Korashy said that SFD’s loan portfolio reached EGP 4 billion by the end of the last year and the Fund targets increasing it by one billion to reach 5 billion by the end of the current year.

SFD studies signing financing contracts with National bank of Egypt and United Bank to finance SMEs with the Murabaha system, Islamic Sharia-compliant banking system.