Mubasher TV
Contact Us Advertising   العربية

EBRD provides NBE with $100m loan to support private sector in Egypt

EBRD provides NBE with $100m loan to support private sector in Egypt
EBRD has invested about EUR 6.5 billion in Egypt since 2012

Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) signed an agreement to support the Egyptian economy through a $200 million financing package to the National Bank of Egypt (NBE).

The EBRD will extend a $100 million loan to the NBE to be on-lent to private small- and medium-sized enterprises (SMEs) and companies to bolster their liquidity amid the coronavirus (COVID-19) crisis, according to a statement on Monday.

Moreover, the bank will also raise an existing uncommitted trade finance limit for the state-run lender by $100 million to $300 million under the trade facilitation programme to meet the growing demand for import and export deals.

NBE is committed to minimising the economic and financial impact of Covid-19 on the Egyptian economy and our customers in particular,” NBE’s chairman Hisham Okasha said.

Amid the current crisis, EBRD is ready to support 38 emerging economies with up to EUR 21 billion from 2020 to 2021.

Since the commencement of its operations in Egypt in 2012, EBRD has invested about EUR 6.5 billion in 115 projects in the most populous Arab nation.