The National Bank of Egypt (NBE) is negotiating with the Social Fund for Development (SFD) over signing the first franchise finance contract worth EGP 60 million in the next month.
The value of the finance was EGP 50 million, but NBE requested increasing this value to EGP 60 million, said Essam El Korashy, head of SMEs development department at SFD.
SFD signed a franchise finance contract worth EGP 70 million with the United Bank to finance SMEs, El Korashy added.
The total value of franchise finance contracts signed by SFD in the current year with a number of banks registered EGP 180 million. SFD signed contracts with Bank Audi with a finance value of EGP 20 million, with Industrial Development and Workers Bank of Egypt with value of EGP 30 million and with the United Bank with value of EGP 70 million, in addition to the finance contract to be signed next week with NBE with value of EGP 60 million.
