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Monday, 28 May 2018

NBE receives USD 200 mn tranche of USD 300 mn Afreximbank loan

The National Bank of Egypt (NBE) has received a USD 200 mn tranche of its USD 300 mn facility from the African Export-Import Bank (Afreximbank), an unnamed bank official tells Al Shorouk. The two banks had signed a USD 300 mn three-year financing agreement in April 2017 that would be used to support an SME funding initiative launched in 2016. The NBE has been looking to bolster its foreign currency liquidity and is seeking a number of loans from international lenders, according to the source, who points to a USD 600 mn loan club facility from Gulf-based banks and another USD 500 mn loan from the European Investment Bank, which the NBE is currently in talks for. We reported yesterday that the NBE is providing the EGPC with USD 250 mn loan as part of a larger USD 850 mn facility that will be used to pay international oil companies.

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