National Bank of Egypt clinches 3 loan deals with EBRD to finance SMEs

National Bank of Egypt (NBE), the country’s largest state lender, signed three loan deals with the European Bank for Reconstruction and Development (EBRD) to finance small and medium-size enterprises in Egypt.

The $150 million deals were signed by NBE’s Chairman Hisham Okasha and EBRD’s Executive Director Janet Hackman.

The financial package manifests the distinguished relations between the two banks, which cover many development fields, Okasha said.

He added that the NBE seeks to support the state’s development plans through signing such deals, in addition to supporting Egypt’s Vision 2030.

Hackman said the EBRD cooperates with the NBE in different development programmes.

Under the financial package, two programmes will be launched for the first time in Egypt to develop projects carried out by youth and hone business skills of Egyptian cadres.

Source: MENA