NBE is getting USD 100 mn from the EBRD: The European Bank for Reconstruction and Development (EBRD) will be granting the National Bank of Egypt (NBE) up to USD 100 mn senior unsecured loan to be on-lent to micro, small, and medium enterprises (MSMEs), according to an EBRD statement.
The beneficiaries: Half of the loan will be used for on-lending to MSMEs outside of Egypt’s two main urban centers, Cairo and Alexandria. Half of the financing is also earmarked for financing enterprises owned or led by women or youth.
Another agreement in the making? We may see another EBRD agreement in the coming days, as EBRD’s Egypt boss Khalid Hamza said on Tuesday that the multilateral lender could extend financing to “one or two banks” before the end of this year.
ICYMI: The EBRD has been loosening its purse strings this month, with a USD 50 mn loan to Elsewedy’s United Metals Company (UMC) announced two weeks ago and another two loans worth a combined USD 35 mn for aiBank approved last week.
