United Bank Eyes new EGP50 million Contract with SFD Egypt

Egyptian lender United Bank S.A.E is currently in talks with Egypt-based Social Fund for Development (SFD) over a new contract worth EGP 50 million.

The anticipated contract will go for funding the small and medium-sized enterprises’ projects.

In 2013, the United Bank had inked 3 agreements totalling EGP 75 million with the SFD to support SME sector in Egypt.

From her part, Nevine Gamea – Head of SFD’s Central Sector for Small Enterprise Finance – said her fund had recently signed a EGP 400 million contract with the National Bank of Egypt (NBE). SFD obtained so far EGP 200 million as the first tranche of NBE’s loan.

Moreover, Gamea stated that SFD is targeting SME funding at value of EGP 1.640 billion within the current year, compared to EGP 1.350 billion finances in 2013.