May 03 2012
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Al Baraka Bank Egypt targets EGP500m for SME lending
Of this amount, EGP 100 million will be allocated for lending to SMEs through the country's Social Fund for Development (SFD), Ashraf Al Ghamrawi told Zawya. The SFD was established in 1991 with a mandate to reduce poverty and has disbursed more than USD 2.5 billion since then. Of this, nearly two-fifths was devoted to supporting microcredit and financing community development and infrastructure.
Al Ghamrawi said Al Baraka Bank Egypt has targeted a 15% increase in its loan portfolio to EGP 1.7 billion in 2012. The lender will open seven new branches across Egypt this year, including two in Cairo.
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