Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) approved the provision of a $100 million loan to the National Bank of Kuwait – Egypt (NBK Egypt) to relieve the impact of the coronavirus (COVID-19) pandemic.

The funding will be used to finance private-sector businesses, seen as one of the main economic drivers in the country, minister of international cooperation, Rania Al-Mashat, said in a statement on Sunday.

It is noteworthy to mention that the number of projects funded by EBRD in the most populous Arab nation reached 115 valued at EUR 6.5 billion, 56% of which are owned by the private sector.

In addition, Egypt has received two awards from EBRD in women empowerment and renewable energy and environment protection.