Alex Bank Intesa Sanpaolo plans to join the National Bank of Egypt (NBE), Bank Audi Egypt and Industrial Development and Workers Bank of Egypt in a program to finance franchise projects through the franchise finance gateway recently launched by the Social Fund for Development (SFD).
Sources said the capital of the new finance gateway is US$ 40 million which was secured by SFD from the Islamic Development Bank.
SFD will allocate EGP 130 million to each of the four banks through the gateway to finance franchise enterprises, sources added.
Sources revealed that the franchise finance gateway targets to finance more than 500 projects, noting that these projects highly contribute to creating jobs mainly for people who are not willing to put their capital at risk.
