Nasser Social Bank (NSB) specialized in granting soft loans and microfinance – File Photo
Cairo – 24 July 2017: Nasser Social Bank (NSB), which specializes in granting soft loans and microfinance for low and middle-income citizens, has been giving female subsidy recipients loans for their micro projects valued at LE 250 million ($14 million), which is extracted from the Tahya Misr Fund.
Deputy CEO of the bank Sherif Farouk said in a TV show “Halaket Wasl” on ON Live Sunday that the bank has 1.3 million customers and 93 branches, which makes it the largest social bank in the Middle East.
Starting next week, the bank will, aided by an EU grant, contribute LE 1,000 towards the cost of introducing natural gas to households. As the cost for each is LE 2,500 the remaining cost will be covered by the state.
The value of the unconditional grant, $555,200, will first be channeled through the first phase of restructuring the bank by providing the best financial and non-financial services for customers, as well as loans for micro and small projects.
The restructuring process, which started three months ago, will take 18 months.
Deputy Chairman of the bank’s board, Mohamed Shoman, revealed in April at the parliament that the bank extended loans at a value of LE 160 million with zero interest rates in the fiscal year 2015/2016.
Shoman said that the bank has 3,500 charity committees that collect donations to fund economically struggling clients after studying their cases. In the same fiscal year, the bank issued grants worth LE 267 million.
NSB was founded in 1971 and is affiliated with the Ministry of Social Solidarity, and therefore the minister is the board’s chairman.