NBE To Receive US$ 80 Mln Loans From Chinese Banks Next January

The National Bank of Egypt (NBE) currently conducts negotiations with a number of Chinese banks to receive loans worth US$ 80 million to finance small and medium enterprises (SMEs).

Sources expected these negotiations to end by the beginning of next January and the loan agreement to be signed in the same month.

In addition, NBE received loans worth EGP 3 billion from 12 international lenders such as African Development Bank, French Development Agency, Spain’s Institute De credit official, Italy’s soft loan, Industrial Pollution Control Project and Environmental Commitment Accord.

NBE targets to increase the value of SME finance by EGP 4 billion by the end of FY 2012/2013, raising the value of net outstanding loans to EGP 2 billion by the end of June 2013 after loans’ repayments.