NBE In Talks With World Bank, European Banks To Borrow US$ 200 Mln

The National Bank of Egypt (NBE) currently conducts negotiations with the World Bank and European banks to receive loans worth US$ 200 million to finance small and medium enterprises (SMEs).

Sources said NBE’s talks with the World Bank are expected to be concluded by Q1 of 2012. The bank plans to receive loans worth US$ 85 million from Chinese banks by next January to finance SMEs.

In addition, NBE received loans worth EGP 3 billion from 12 international lenders such as African Development Bank, French Development Agency, Spain’s Institute De credit official, Italy’s soft loan, Industrial Pollution Control Project and Environmental Commitment Accord.

NBE targets to increase the value of SME finance by EGP 4 billion by the end of FY 2012/2013, raising the value of net outstanding loans to EGP 2 billion by the end of June 2013 after loans’ repayments.