The African Development Bank (AfDB) is in talks with two major Egyptian banks to finance small businesses and trade in the country, a source from the African bank told Amwal Al Ghad Sunday.
AfDB is negotiating with National Bank of Egypt, the country’s largest state-run bank, and Commercial International Bank (CIB), Egypt’s largest private sector bank, the source said without determining the volume of the on-lent finances.
The African bank’s talks with the National Bank of Egypt are over financing the small and medium-sized enterprises (SMEs), a sector of the Egyptian economy that struggles to access finance.
Meanwhile, AfDB’s negotiations with Egypt’s CIB aimed to strengthen the African bank’s support for trade guarantee sector in the country.
