AfDB Lends NBE, CIB Egypt $215 million

Egypt’s biggest state-owned National Bank of Egypt (NBE) has recently received a financing worth around US$200 million from the African Development Bank (AfDB), to go for the SMEs projects in the country.

Speaking to Amwal Al Ghad on the sidelines of Euromoney Egypt Conference on Wednesday, AfDB Resident Representative in Egypt Leila Mokaddem revealed that the bank has recently provided NBE a funding worth US$200 million in favour for the small and medium-sized projects in Egypt.

Therefore, Mokaddem elaborated that AfDB’s total finance for the SME sector would reach US$400 million for the year of 2014.

Another financing worth US$15 million approximately was recently provided by AfDB to the Commercial International Bank (CIB – Egypt) to support trade transaction, the banking official noted.

Furthermore, Mokaddem asserted that AfDB will continue its support for Egypt through providing key financing for both private and public sectors. 80% of AfDB’s total financing for the Egyptian government are in energy projects.