NBE In Talks With Greek Lender Over €500 Mln Finance

The National Bank of Egypt (NBE) is conducting negotiations with Greek financial institutions to receive financing package of €500 million to finance small and medium enterprises (SMEs), sources told Amwal Al Ghad.

In addition, NBE is also in talks with China Development Bank (CDB) and the Export-Import Bank of China to receive financing package of US$ 800 million with soft interest rate and repayment period of 10 years. The financing package will go for importing of tools and equipments from China to be used by SMEs.

NBE received about EGP 3 billion worth of finances from 12 financial institutions including African Development Bank, a soft loan from Italy, French Development Agency, a line of credit offered from Spain’s Institute De credit official, Social Fund for Development, Industrial Pollution Control Project and Environmental Commitment Accord.

The bank signed SME finance contracts worth EGP 5 billion with the Social Fund for Development to finance SMEs. The total value offered by NBE to SMEs reached EGP 3.3 billion at the end of FY 2011/2012, sources added.