The EUR 375 million agreement seeks to finance SMEs in Egypt, which is one of the priorities of the Central Bank of Egypt (CBE).
The National Bank of Egypt (NBE) and the European Investment Bank (EIB) have signed a financing agreement worth EUR 375 million.
The NBE’s total SMEs finance portfolio has reached about EGP 44 billion by the end of June 2018.
Hisham Okasha, Chairperson of NBE, said that NBE gives SMEs great importance in line with the state’s plan to encourage this category of projects, which creates thousands of jobs and pushes growth forward.
The agreement will help provide the necessary funding to contribute to the development of the private sector in different governorates of Egypt as well as empower women by providing them with their funding needs, added Flavia Palanza, the Director for neighbouring countries at the EIB.