United Bank to Inject EGP 150 Mln In SMEs Portfolio This Year

The United Bank targets injecting EGP 150 million to SMEs portfolio to finance these enterprises in compliance with sharia law in the current year, registering a 60% growth in the bank’s SMEs portfolio.

The volume of the bank’s portfolio is less than EGP 250 million which was offered to 200 customers, thus the bank targets increasing the value of portfolio to EGP 400 million by the end of the current year, sources told Amwal Al Ghad.

The United Bank has set a comprehensive program called “Intilaqa” to finance SMEs which aims at offering EGP 5 billion finances in five programs namely; the distributor, the transporter, the supplier, environmental compliance and franchising. The bank allocated EGP one billion to enhance the quality, quantity and variety of these finances in order to meet customers’ needs.

Sources added that the bank has signed three contracts worth EGP 100 million with Social Fund for Development to finance SMEs in compliance with sharia law.