European Bank for Reconstruction and Development boosts private businesses in Egypt
June 24, 2020
The European Bank for Reconstruction and Development (EBRD) is supporting the Egyptian Economy with a US$ 200 million financing package to National Bank of Egypt (NBE) for trade and for on-lending to local companies impacted by the coronavirus pandemic.
Under this facility, the EBRD will provide a US$ 100 million loan to help NBE provide short-term loans to private small and medium-sized enterprises and firms facing liquidity strains due to a decrease in their activities and turnover caused by the crisis.
In addition, the Bank is increasing an existing uncommitted trade finance limit for NBE by US$ 100 million under the EBRD’s Trade Facilitation Programme to reach US$ 300 million, to help meet the increased demand for import and export transactions.
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested close to €6.5 billion in 115 projects in the country.