The European Bank for Reconstruction and Development (EBRD) has approved a $100 million financing package for the National Bank of Egypt (NBE), the country’s oldest and largest bank.
The financing package is designed to support small and medium-sized businesses in the North African country.
The EBRD funding will be provided to under the Bank’s Resilience Framework (RF), which was developed as part of the Bank’s response to the coronavirus pandemic.
NBE will on-lend funds to local private small and medium-sized enterprises (SMEs) and corporates, supporting them in bridging the liquidity needs that may arise as a result of the outbreak.
The financing will enable NBE to provide funding for the enterprises experiencing either a decrease in their activity, turnover, and/or profitability.
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested over €5.5 billion in 102 projects in the country. In 2018 Egypt was the largest economy in which the EBRD invests, in terms of new commitments.
