Egypt’s Biggest Lender Plans EGP10bn Finances for Contracting Sector

Egypt’s biggest state-owned lender, the National Bank of Egypt (NBE) will allocate around EGP10 billion (US$ 1.4 billion) to finance local contractor companies, said vice chairman Mahmoud Monstasser.

On the sidelines of the Builders of Egypt 2014 Forum that kicked off today, Monstasser stressed that NBE and the Egyptian banking sector are supporting of the country’s contracting sector.

NBE’s lending portfolio for local contractors has reached EGP 13 billion, serving around 2500 clients, he noted.