United Bank’s SMEs Portfolio Registers EGP 250 Mln In May

United Bank’s SMEs portfolio rose to EGP 250 million at the end of May, from EGP 200 million at the end of 2011.

The Bank targets increasing this portfolio by 20-30% during the current year because of the important role of these enterprises in providing job opportunities and supporting primary industries with low-cost investments, sources said.

United Bank will sign three financing agreements worth EGP 75 million with Social Fund for Development to finance SMEs. Each agreement is worth EGP 25 million. The three agreements are sharia-compliant SMEs finance agreement, risk sharing finance agreement and a poultry finance agreement.