EBRD Supports Egypt International Trade With $50 Mln Loan
The European Bank for Reconstruction and Development (EBRD) has lent the National bank of Egypt (NBE) US$ 50 million to help and encourage Egyptian companies engage more in international trade operations.
This trade credit line is the second part of a US $ 100 million facility, the first part of which comprised a US$ 50 million loan for micro, small and medium-sized enterprises (SME’s) that was signed in December 2013.
Thanks to this financial support, the EBRD will provide guarantees to international commercial banks covering political and commercial payment risk of the transactions undertaken by NBE, and will also provide financing for import and export transactions.
According to the EBRD’s director for financial institutions Francis Malige, this financial contribution will help boost trade activities and contribute to improving the living conditions of the Egyptian people, by facilitating the import of food, medication and other necessities.
The National Bank of Egypt was founded in 1898, and is the oldest and largest commercial bank in the country. It has 338 branches and outlets distributed throughout the country, and 1,535 automatic teller machines (ATMs).
The EBRD has so far invested nearly $ 340 million in nine economic and industrial projects in Egypt. The Bank is providing technical assistance to over 100 Egyptian Small & Medium Enterprises (SMEs)