Egypt seeks AfDB’s support to restructure Nasser Social Bank

Egyptian government is negotiating with African Development Bank (AfDB) to support the country’s plan to restructure Nasser Social Bank (NSB), social solidarity minister announced Wednesday.

The plan is originally launched by the Egyptian Ministry of Social Solidarity, with the aim of developing and diversifying NSB’s products and services to help the bank achieve financial inclusion for the poor eventually.

Minister Ghada Wali made her remarks following meeting with an AfDB delegation which visiting the country this week.

Earlier, Ministry of Social Solidarity, in coordination with Ministry of International Cooperation, has requested a $1.25 million from the AfDB.

Nasser Social Bank is an interest-free savings and investment bank for social and economic development, pension, and social security business.