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Monday, 24 October 2016

EIB signs EUR 740 mn in funding agreements with Egypt

The European Investment Bank (EIB) has signed financing agreements with the Ismail government totaling EUR 740 mn, Al Borsa reports. These include a EUR 500 mn loan to the National Bank of Egypt and a EUR 100 mn facility for the QNB-Egypt, both of which will fund SME financing programs. EIB has also extended EUR 30 mn in financing for the Export Development Bank. The International Cooperation Ministry also signed a EUR 75 mn loan with the EIB to purchase 13 trains for Cairo Metro Line 2, Al Mal reported. The ministry also signed a technical assistance agreement for the Safaga Mining Port with EIB and the International Finance Corporation.

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