EBRD provides $100 mln loan to National Bank of Egypt

Ahram Online , Wednesday 20 Dec 2023

The European Bank for Reconstruction and Development (EBRD) announced providing a $100 million loan to the National Bank of Egypt (NBE) to finance Egyptian private micro, small, and medium enterprises (MSMEs), according to the EBRD’s website.

National Bank of Egypt branch. Ahram Gate.
National Bank of Egypt branch. Ahram Gate.

 

Half of the loan will be dedicated to Egyptian private MSMEs in regions outside of Cairo and Alexandria.

However, the other half of the loan will be dedicated to MEMEs led or owned by women or young entrepreneurs.

In March, the EBRD announced its plan to invest over $1.4 billion in Egypt, the highest investment the bank has ever made in the country, to seize the available investment opportunities.

Since commencing operations in Egypt, the EBRD has financed 170 projects, with a cumulative investment of more than 11 billion euros to date.

Notably, 57 percent of these projects have been dedicated to supporting the private sector.

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