National Bank of Egypt (NBE) mulls establishing a new investment arm specialized in micro-financing in the upcoming period, according to a source familiar with the matter. The bank has started studying the sector many years ago, according to the source. The newly established micro-finance company which will focus initially on the Upper-Egypt governorates will be set up jointly with another partner. NBE already deals with hundreds of associations specialized in micro-financing, the source added, noting that defaulting rates are very meager. Only 3 companies, notably Refy, Tanmia, Tasahel and 755 associations work now in micro-financing in the Egyptian market.
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