Egypt - Restructuring of Nasser Social Bank


Project Summary

Approval Date 11 Oct 2016
Signature Date 09 Feb 2017
Planned Completion Date 30 Dec 2020
Last Disbursement Planned Date 29 Jun 2020
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 396,571
Status Implementation

Project General Description

The present project is a support to the restructure plan of the Nasser Social Bank (NSB). NSB is the largest social bank in the Middle East. It was founded in 1971 and is affiliated with the Ministry of Social Solidarity. It's specializes in granting soft loans and microfinance for low and middle-income citizens and has had an important social role in Egypt, including providng young people with free-yield social loans, financing social housing projects and other social programs such as providing support to divorced women. The Nasser Social Bank Restructuring Project is of two phases and it would take 18 months to finalize each one. The first phase includes examination and identifying needs while the second phase includes implementation. This support will enable the bank to improve its performance through better credit management and better work rules.

Project Objectives

The principal objectives of this project are to review and re-organize the NSB’s model and propose the most appropriate structure and reform of business processes and office infrastructure to create outstating stakeholder value by providing best in class financial and non-financial solutions to poor individuals and MSEs enterprises at affordable prices. Additionally, it aims to assist the MOSS in the overall development of socio-economic conditions of the poor who have been kept outside the banking sector on the ground that they are poor and hence not bankable.

Beneficiaries

The main beneficiaries of the project are the Government of the Arab Republic of Egypt, the Ministry of Social Solidarity, low and middle-income citizens, young people and women.

Participating Organization

Funding
Middle Income Countries Fund
Implementing
Nasser Social Bank - NSB

Information

IATI identifier 46002-P-EG-HA0-001
Last Update 31 Oct 2019

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Contact Details

Name MAHAMOUD HOUSSEIN Ismail
Email i.mahamoudhoussein@afdb.org

Geographic Location

Country Egypt