The European Bank of Reconstruction and Development (EBRD) is planning to provide $325 million for four Egyptian banks before the end of 2023, Head of Financial Institutions for Egypt at EBRD Hashem Abd El Hakim told Asharq Business. The banks are the National Bank of Egypt (NBE), the Commercial International Bank (CIB), Banque du Caire, and the Export Development Bank of Egypt (EBank). The funds will be dedicated to the green and small- and medium-sized projects. The NBE will secure $100 million of the total funding to back small- and medium-sized projects, while EBank will obtain $25 million to re-lend its customers, Abd El Hakim highlighted. A sum of $50 million will be directed to Banque du Caire to finance small- and medium-sized projects, and the CIB will receive $150 as an assistance loan to finance green and small- and medium-sized projects, he added.

Source: The North Africa Journal October 16, 2023 10:38 UTC