*At press time, the conversion rate is $1= EGP 16.23 and €1= EGP 18.33
EBRD approves $100M for Egypt’s NBK to support private projects
Updated 6/7/2020 3:13:00 PM
ِArabFinance: The European Bank for Reconstruction and Development (EBRD) provided the National Bank of Kuwait-Egypt (NBKE) a fund worth $100 million (EGP 1.622 billion), Minister of International Cooperation Rania Al-Mashat announced in a June 7th statement.
The fund will be used for lending to small and medium-sized projects in the Egyptian market, aiming to tackle the economic fallout from the COVID-19 crisis, the statement added.
Loans will be extended for the projects witnessing a decline in their activities and sales, Al-Mashat added.
Based on the ministry's data, EBRD projects in the Egyptian market so far reached 115, worth a total of EUR 6.5 billion (EGP 119.12 billion), of which the private sector's share constitutes 56%.
Earlier, Minister of Local Development Mahmoud Shaarawy signed with EBRD a EUR 8 million (EGP 146.61 billion) agreement.
