Social Fund for Development, National Bank of Egypt sign deal to fund micro-enterprises with EGP 100m
Social Fund for Development, National Bank of Egypt sign deal to fund micro-enterprises with EGP 100m
Cairo - Arab Today
he Social Fund for Development and the National Bank of Egypt signed an agreement to fund micro-sized enterprises nationwide at an amount of 100 million pounds through NGOs and funding companies.
The agreement is funded by the Arab Fund for Economic and Social Development (AFESD).
The project aims to establish new micro-sized enterprises and to help in developing and expanding existing ones.
The amount of lending ranges from 1,000 to 25,000 pounds and is expected to lend about 10,000 entrepreneurs.
This is the third time for the AFESD since 2013 to fund the National Bank of Egypt in order to lend the NGOs and micro-sized enterprises funding companies and link them with commercial financing.
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