NBE in Talks with Arab Funds to Borrow US$200mn for SMEs

National Bank of Egypt (NBE) entered negotiations with Arab funds to borrow US$200 million for financing small and medium (SMEs).

In statements to Amwal Al Ghad, NBE entered negotiations with Saudi Arabia and UAE funds, rejecting to unveil it until the negotiations will be finalized.

NBE obtained US$100 million finance package from European Bank for Reconstruction and Development (EBRD) in order to allocate US$50 million to finance SMEs.

SMEs’ portfolio estimated at EGP13 billion during the last fiscal year.

Moreover, NBE has recently signed contract with Social Fund for Development (SFD) worth EGP135 million for developing small projects along with EGP75 million other contract to finance micro projects.