EBRD may increase financing to Egyptian banks to USD 1 bn -sources
EBRD may boost financing to Egyptian banks by USD 150 mn -sources: The European Bank for Reconstruction and Development (EBRD) is reportedly planning to increase credit lines to Egyptian banks and private companies to USD 1 bn up from USD 850 mn, Al Mal reports, citing an unnamed source. The source said that EBRD received a request from an unnamed Egyptian bank for USD 50 mn in funding and has been in negotiations with two unidentified companies for funding that will be funneled to cushion the covid-19 impact.
Background: In May, the EBRD was said to be in the process of offering USD 850 mn in combined lines of credit to five Egyptian banks as part of an emergency package to inject liquidity into sectors stricken by the covid-19 pandemic. Since then, four banks have reached funding agreements with the EBRD: the National Bank of Kuwait-Egypt, QNB Al Ahli, the National Bank of Egypt, and CIB. Banque Misr has submitted a request that is still pending approval.