Cairo – Mubasher: The board of directors of Nasser Social Bank approved the draft budget for fiscal year 2020/2021 at EGP 26.4 billion, up by EGP 1.3 billion from EGP 25.1 billion in FY19/20, the Middle East News Agency (MENA) reported.
The bank aims to play a key role in expanding social solidarity networks, the bank’s chairman and minister of social solidarity, Ghada Waly, said on Saturday.
According to the draft budget, the bank allocated EGP 100 million for aids and EGP 400 million for interest-free loans.
The bank also targets EGP 10 billion in long-term investments, including funding provided to customers for the purchase of residential units and cars and the establishment of companies, deputy chairman and managing director of Nasser Social Bank, Sharif Farouk, noted.
