State-run United Bank of Egypt obtained 120 million Egyptian pounds from the Social Fund for Development (SFD) in order to re-direct the funds for the financing of small and medium enterprises (SMEs).
Chairperson of the United Bank Ashraf El Kady, and secretary general of the Social Fund for Development (SFD) Nevine Game’ signed the sixth contract of a series of agreements between both parties, boosting the size of funding obtained from the fund to 395 million pounds.
El Kady said that signing the agreement is part of the state’s framework to maximise the benefit of SMEs in the Sustainable Development Plan 2030 through offering more funding and providing technical support to owners of SMEs.
He added that the new contract stipulates that the SFD grants funding of $120 million over five years, which is financed by the World Bank.
The loan will be allocated to finance existing and new SMEs in all areas and fields to buy equipment and tools necessary to launch their projects.
According to El Kady, the bank is expected to finance 250 small enterprises through the obtained funding, which could provide up to 2,750 jobs.
Meanwhile, Game’ said that the United Bank is a vital partner for the SFD in supporting sustainable development and the Egyptian community.
She added that previous agreements with the bank added a new dimension to the nature of the SFD’s funding in terms of the nature of clients and their geographical distribution.
She noted that the SFD is welcoming all cooperation opportunities with all state institutions and the civil society in order to support SMEs and the sustainable development plans.
Source: Daily news
