NBE, QNB arranging a bridge loan for Universal Group under CBE initiative

National Bank of Egypt, a state-owned bank, agreed to arrange a bridge loan along with Qatar National bank for Universal Group as part of in the framework of the Central Bank of Egypt initiative to support industrial activity.

The loan is to provide a Working Capital Requirement for the company.

The government and the Central Bank of Egypt (CBE) have launched a 100 billion Egyptian pounds initiative to boost domestic manufacturing by allowing medium-sized factories access to subsidized loans at a declining 10 percent interest rate.