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Monday, 8 August 2022

Another USD 10 mn in EBRD funding could be heading NBK Egypt’s way

More love from EBRD to NBK? The National Bank of Kuwait Egypt (NBK Egypt) could get another USD 10 mn senior unsecured loan from the European Bank of Reconstruction and Development (EBRD) for on-lending to youth-led MSMEs, according to the lender’s website.

What’s a senior loan? A senior bank loan is money lent to a business by a financial institution which is then repackaged and sold to other investors.

NBK Egypt is now in line for USD 50 mn in funding: The EBRD said last week that it is considering providing a USD 40 mn loan to the bank for on-lending to MSMEs.

This one’s for the youts: “The project will increase the availability of finance for youth-led businesses to improve their skill-sets, know-how and expand their business capabilities in the market,” the website reads. “The loan will support NBK in the development and refinement of products, services and/or delivery mechanisms that cater to the needs of young entrepreneurs.”

What’s next: EBRD could approve both loans on 7 September.

ALSO IN DEVELOPMENT FINANCE-

The EU is providing Egypt with a EUR 4 mn grant for the third phase of the EUR 145 mn Egyptian Pollution Abatement Program. (Statement)

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