National Bank of Egypt clinches loan deal for e-customs operations

State-run National Bank of Egypt (NBE) has signed on Thursday a 760 million Egyptian pound ($46 million) financing agreement to fund a single window project for customs and logistics operations in the country.

The loan will be given to Misr Technology Services (MTS), a private-sector company that has a partnership with the Egyptian government to provide single-window operation and technology solutions and services for various customs procedures.

The agreement was signed by Sherif Riad, Corporate and Syndication Group Head at NBE; and Osama El Sherif, MTS chief executive and managing director; in the presence of NBE’s deputy chairman Yehia Aboul Fotouh.