Egypt’s National Bank allocates $45mn for three leasing companies

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National Bank of Egypt, the biggest state-owned bank, is studying arranging 400 million Egyptian pounds ($ 45 million) worth of credit facilities for three leasing companies, said its vice chairman Thursday.

Yehia Aboul Fotouh, NBE’s Vice Chairman, told Amwal Al Ghad that his bank had earlier granted funds of 300 million  pounds (US$33million) to a company operating in car manufacturing.

On the other hand, the vice chairman added that NBE is negotiating with international institutions including Chinese ones to get foreign-currency loans to supper the Egyptian economy’s dollar liquidity.

Meanwhile, NBE has received $700 million from China to fund mega projects in Egypt.