NBE Mulls EGP500 million Financing Package for Contracting Firms

The state-owned National Bank of Egypt is considering an EGP500 million ($71.7 million) package of credit facilities to go for three Egyptian contracting firms within the current phase. Accordingly, NBE’s total financing for the country’s contracting sector would reach up to EGP3.5 billion.

NBE has endorsed an EGP3 billion package of credit facilities for local contracting firms during the first 9 months of the current fiscal year, according to a source with knowledge of the ongoing talks.

The source further told Amwal Al Ghad on Saturday that the proposed EGP500 million financing package is designated for private and public-sector contracting firms.

In the same vein, the source stressed that NBE has renewed its initiative to support the country’s contracting sector through solving the state’s delay in paying contractors their due.