National Bank of Egypt loans 1 billion pounds to Fiber Misr

The National Bank of Egypt (NBE), the country’s largest state bank, signed on Tuesday a 1 billion Egyptian pounds ($64 million) credit facility agreement with Egypt-based telecommunications and IT systems integrator, Fiber Misr.

The credit facility will finance the establishment of several IT projects for Fiber Misr.

Fiber Misr has implemented several national projects, including upgrading the technological infrastructure of 2,500 secondary schools, connecting them to the internet, its vice chairman Sherif Nabih said.

It also established data centres for all ministries as well as the state-run bodies at the premises of the Ministry of Defence in the country’s new administrative capital, he added.