Egypt’s NBE bank seeks Kfw, EIB loans of up to €800 mln

National Bank of Egypt (NBE), the country’s largest state bank, is negotiating loans worth €800 million ($941.1 million) with two international lenders, sources near from the talks said Tuesday.

The Egyptian bank is in talks with German state bank KfW Development to secure around a €50 million loan designed for small and medium-sized projects in Egypt, the sources further told Amwal Al Ghad on Sunday.

“The talks will soon end to reach a signing stage in very near future.” they said.

NBE is also negotiating the European Investment Bank (EIB) for a loan ranging between €500 million and €750 million to finance SME projects too, the sources said.

“For this loan, both parties are still in stage of negotiations.” they said.

Several banks in Egypt had recently secured dollar-dominated loans from international financial institutions to bolster foreign currency liquidity.