EBRD approves $100m loan to NBK Egypt to finance private sector business

The European Bank for Reconstruction and Development (EBRD) approved the provision of a $100 million loan to the National Bank of Kuwait – Egypt (NBK Egypt) to relieve the impact of the coronavirus (COVID-19) pandemic on the private sector businesses.

The funding will be used to finance private-sector businesses, seen as one of the main economic drivers in the country, Minister of International Cooperation Rania Al-Mashat said in a statement on Sunday.

It is noteworthy to mention that the number of projects funded by EBRD in the most populous Arab nation reached 115 valued at €6.5 billion, 56 percent of which are owned by the private sector.

In addition, Egypt has received two awards from EBRD in women empowerment and renewable energy and environment protection.