Tarek Amer: EGP 100m to support national projects

By Administrator On Mar 12, 2012

Tarek Amer, chairman of National Bank of Egypt and head of Federation of Egyptian Banks, said that insolvent customers with Egyptian banks will not be sued, adding that Egyptian banks have EGP 100 billion as cash.

At Federation of Egyptian Banks’ conference at Quweisna in Menofia Governorate, Amer said that Zewail City for Science and Technology is supported by EGP 250 million and that there are EGP 50 billion cash at Egyptian banks allocated for businessmen especially raw materials importers.

Amer added that banking system has to take exceptional decisions to support Egypt’s economy and small industries. In addition, administrative procedures shall be revolutionized so as to facilitate and accelerate economic growth rate.

Amer assured the banks’ readiness to finance small and mini projects as happened in Damietta.

Amer assured that there is a 3-year plan granting Egyptian youth small loans starting from EGP 50 thousand, noting that EGP 300 million will be paid for small projects. In addition, 12 thousand loans were granted this year and another 238 thousand loans will be granted by the end of this year.

Decentralization system is applied to all Egyptian banks as all banks’ heads were given major authorities to support Egyptian economy. Amer added that NBE achieved EGP 4 billion, 2 billion of which is paid to Egypt’s treasury.

Amer announced the establishment of a fund to finance scientific researches and ideas for small projects, in which capitals will be offered with low interest rates. In addition, they will be insured against any possible insolvency. Amer called on executive bodies to cooperate with banks in order to license vehicles, so as to support national industry.

Head of Federation of Egyptian Banks and some of the banking leaders visited the Industrial City in Quweisna in Menofia Governorate, as part of the Federation’s discussions to discover financing problems which Quweisna’s factories is having and solve them through granting them the needed loans and funds.