Soha Soliman: More than 1900 Small Enterprises to be Established
To forge more partnerships with the National Bank of Egypt (NBE), SFD Managing Director Ms. Soha Soliman and Senior Deputy Chairman of NBE Mr. Mahmoud Montaser signed a new contract to develop start-up and existing small enterprises in all the governorates of Egypt.
The contract, funded at 250 million EGP under the World Bank’s Promoting Innovation for Inclusive Financial Access sponsored project, caters for the financial needs of all productive, commercial and service-rendering small enterprises licensed to operate in accordance with the State’s laws.
Managing Director said such contract is another step ahead of other agreements scheduled to be concluded in the month of November to consolidate liaisons with banks and intermediary agencies. Ms. Soliman mentioned that this contract will finance the establishment of more than 1900 start-up and/or existing enterprises and in turn generate up to 7633 temporary and permanent job opportunities for the youth and women.
Furthermore, Mr. Montaser stated that NBE efforts exerted in conjunction with SFD from 2010 till 2014 resulted in the provision of 18 billion EGP for 42000 clients and led to a subsequent increase in the Bank’s SMEs loan portfolio from 4.3 billion EGP in 2010 to reach 13 billion EGP in 2014 of which 20% represented SFD loans thereby recording a 300% growth rate. Since 1992, SFD concluded 102 contracts with NBE at a total finance soaring up to 8.4 billion EGP according to which more than 140000 enterprises were established.