National Bank of Egypt pumps 5.2bn Egyptian pounds for SMEs

Egypt’s biggest lender, the state-owned National Bank of Egypt (NBE) has pumped 5.2 billion Egyptian pounds ($294.2 million) to finance small and medium-sized businesses for around 7000 clients, SME head said at a conference on Monday.

Saad Mohie El-Din further said NBE’s portfolio of SME finances had totalled 27 billion pounds in favour of 51,000 clients.

The bank is negotiating with the Social Fund for Development in order to sign a SME financing contract worth 300 million pounds soon, Mohie El-Din added.