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Sunday, 26 July 2020

NBE to obtain EUR 800 mn of EIB funding next month

The National Bank of Egypt expects to land in the coming month some EUR 800 mn in funding agreed last week with the European Investment Bank (EIB), Al Mal reports, citing unnamed sources. The funding comes as part of a larger EUR 1.9 bn agreement, with next month’s loan dedicated to supporting SMEs affected by the pandemic. The remaining EUR 1.1 bn will be allocated for transportation projects. The sources added that the Transport Ministry is currently negotiating with EIB to obtain EUR 250 mn in additional funding for developing the metro.

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