ICEC

National Bank of Egypt gets $52.5 mln loan from Sanad Fund

SANAD Fund for MSME has granted a $52.5 million loan to National Bank of Egypt (NBE), the country’s largest state bank, to finance micro, small, and medium enterprises (MSME), according to the regional manager of Finance in Motion.

Mohamed Morsy, the country head for Egypt, told Mubasher on Tuesday that the fund is currently considering five financial institutions for finances between $50 and 70 million.

The bank will also pump $5 million to Banque Du Cairo (Cairo Bank), as well as $5 million to the Export Development Bank (EBE).

Meanwhile, Global Lease will obtain $1.5 million by the end of the year.

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