Egypt’s Social Fund for Development and the National Bank of Egypt (NBE) plan to sign a new finance worth 350 million Egyptian pounds (US$44.7 million).
Saad Mohie El-Din – NBE’s head of SME sector – said the anticipated financing package will be divided into two contracts worth 250 million pounds and 100 million pounds, respectively.
The first finance, worth 250 million pounds, is dedicated for the development of the small and medium-sized enterprises (SMEs) projects; while the second contract is to fund the SFD’s debit account activity, with a 10 percent interest rate, Amwal Al Ghad quoted the banking official as saying Wednesday.
NBE tops the list of Egyptian banks that work on supporting SMEs sector, registering a portfolio of more than 16.6 billion pounds by end of March 2015.
