National Bank of Egypt eyes $1bn foreign loans this fiscal year

National Bank of Egypt is negotiating with a number of international financial institutions to get loans of US$1 billion during the current fiscal year. The loans will go for financing small and medium-sized enterprise (SMEs).

Mohamed Shawky, Products Development and Credit Lines for SME Division at NBE, said his bank would obtain soon a funding worth US$15 million from SANAD Fund for MSMEs, of the German Kfw Development Bank, designated to finance small projects in Egypt.

Shawky added that NBE had managed to sign agreements totalling US$850 million with international financial institutions in the past fiscal year 2014/15.

Elsewhere, NBE has signed an agreement worth €120 million on the third phase of Egyptian Pollution Abatement Project (EPAP) with the European Investment Bank and the French Development Agency (AFD).