SAIB inks $11.26 mln to finance Egyptian micro-sized projects

Societe Arabe Internationale de Banque (SAIB) has signed Thursday a new financing contract with Egypt’s Social Fund for Development (SFD) designated for the country’s micro-sized projects.

The contract, worth 100 million Egyptian pounds ($11.26 million), will go for financing Enmaa micor-financing project which covers all micro-sized projects nationwide, Nevine Badreldin – Acting Head of Central Sector for Microfinancing – said on Thursday.

The financing process will be in cooperation with NGOs and micro-finnancing firms, Badreldin added.