National Bank of Egypt eyes €170 million Global Pacts at March Summit

The National Bank of Egypt intends to sign two agreements worth €170 million with two global financial institutions during the country’s Economic Summit scheduled for mid March.

The two global lenders set to sign agreements with NBE are; European Investment Bank (EIB) and the French Agency for Development (Agence Française de Développement –AFD), an official source from the Egyptian bank told Amwal Al Ghad on Saturday.

The loans are designated to finance small as well as environment projects in Egypt, the source noted.

Meanwhile, NBE has recently signed financing agreements with Saudi Fund for Development (SFD) and the European Bank for Reconstruction and Development (EBRD) at values of US$200 million and US$30 million, respectively. Both loans are dedicated for renewable energy projects in Egypt.

The Egyptian summit will take place on March 13-15, 2015, with the theme of “Egypt the Future”, aiming to encourage Gulf and international companies and organisations to invest in the country and contribute to its development.

Egypt hopes the conference – at which state agencies will unveil a raft of potential investment projects to would-be investors – will bring in some $20 billion worth of investments.