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Thursday, 1 February 2018

EBRD-led consortium agrees to renew and increase value of NBE loan to USD 750 mn

A global banking consortium led by the European Bank for Reconstruction and Development (EBRD) has agreed to renew and increase the value of a loan agreement with the National Bank of Egypt to USD 750 mn, sources close to the matter told Al Mal. The new agreement will be signed soon, once the pending paperwork is finalized, they added. The original loan of USD 390 mn had been extended three years ago and was due to mature in May 2018. NBE is seeking the loan to improve its USD liquidity and a third of it will be used for domestic credit and SME financing. NBE is also expected to ink another EUR 500-750 mn loan agreement with the EBRD during 1H2018, sources told the newspaper.

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