Egypt’s NBE, EIB sign 375 m euro deal for financing SMEs

National Bank of Egypt (NBE) and the European Investment Bank (EIB) signed a 375-million-euro deal to fund small and medium sized enterprises (SMEs) in Egypt.

NBE Board Chairman Hisham Okasha said financing SMEs is a top priority for the bank in line with the state plan which aims at encouraging SMEs to secure thousands of job opportunities.

He said the agreement reflects the EIB’s confidence in NBE and the Egyptian economy.

He said the bank seeks always to support the private sector and bankroll SMEs, noted that the bank’s portfolio in this sector amounts to 44 billion Egyptian pounds in June 2018.

Meanwhile, EIB’s Associate Director for Central and Eastern Africa Flavia Palanza – who signed the agreement with Okasha – said the accord will help developing the private sector in Egypt in various domains.

She added that the agreement will also contribute to empowering women and providing them with their needed funding.