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NBE secures $119m loan from EBRD

NBE secures $119m loan from EBRD
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Cairo – Mubasher: The National Bank of Egypt (NBE) has secured $119.5 million (EUR 109 million) from the European Bank for Reconstruction and Development (EBRD) to support Egyptian micro, small and medium-sized enterprises (MSMEs).

The loan aims to fund Egyptian businesses with a regional focus that are owned or led by women or young people, according to a press release.

Part of the loan is contributed by ILX Fund, a Netherlands-based asset manager.

The loan is a phase of a “potentially larger financing programme that could be carried out in several stages”, EBRD said.

NBE has been collaborating with the EBRD since 2013. This partnership encompasses trade finance lines, credit facilities aimed at promoting financial inclusion among underserved economic segments, and the advancement of renewable energy and energy efficiency initiatives.

As a founding member of the EBRD, Egypt has been pivotal to the Bank's activities since its inception in 2012. Over this period, the EBRD has channelled over EUR 11.9 billion into 178 projects, with 81% directed towards private sector ventures.

In February 2024, Export Development Bank of Egypt signed an agreement with the EBRD to secure a loan of up to $25 million.