Egypt’s United Bank in talks with SANAD Fund for dollar loan

Egypt’s state-run United Bank is negotiating a dollar-dominated financing package from SANAD Fund for MSMEs, part of Germany’s Kfw Development Bank.

The money will go for financing small and medium-sized businesses in Egypt, a senior source in the bank with knowledge told Amwal Al Ghad on Wednesday.

The United Bank is also in talks with the European Bank for Reconstruction and Development (EBRD) to secure technical assistance aimed at restructuring the SMEs division in the Egyptian bank, the source added.

The Central Bank of Egypt owns 99.9 percent of the United Bank.