NBE Receives US$50 mln from EBRD to Finance Foreign Trade Deals

The National bank of Egypt (NBE) and the European Bank for Reconstruction and Development (EBRD) are signing an agreement in order to obtain US$50 million by the end of the current month for financing foreign trade.

An official source in the banking quoted Amwal Al Ghad asserting that the agreement comes in the agreement framework between the two banks, NBE will get a stimulus package worth US$100 million, and about US$50 million has been obtained at the end of 2013 for funding small and medium projects.

NBE signed many agreements with the foreign granted parties, European Investment Bank(EIB) was at the top worth £80 million at 2013-end.

The National bank of Egypt has further signed a loan with China Development Bank (CDB) worth US$200 million which directed to finance infrastructure projects.

Meanwhile NBE pumped EGP3 billion within the first 7 months of the current fiscal year for funding micro and small sized projects so the total cumulative portfolio for the sector’s projects reached EGP10 billion at the end of the last January.