The National Bank of Egypt (NBE) has signed three loan agreements with the European Bank for Reconstruction and Development (EBRD) to finance small and medium-size enterprises in Egypt.
The $150 million deals were signed by NBE Chairman Hisham Okasha and EBRD Executive Director Janet Hackman.
Read also:ECOWAS endorses Adesina for 2nd Term as President of the African Development Bank
The financial package manifests the distinguished relations between the two banks, which cover many development fields, Okasha said.
He added that the NBE seeks to support the state’s development plans through signing such deals, in addition to supporting Egypt’s Vision 2030.
Read also:A New Report Identifies Challenges Facing African Banks
Hackman said the EBRD cooperates with the NBE in different development programmes.
Under the financial package, two programmes will be launched for the first time in Egypt to develop projects carried out by youth and hone business skills of Egyptian cadres.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world