The European Investment Bank, (EIB), is extending a $130 million line of credit to the National Bank of Egypt to help develop the bank’s lending capacity to the country’s small and medium-sized enterprises, (SMEs). The announcement was made following the conclusion of Egypt’s Economic Development Conference.
The loan is part of the Private Sector Growth and Economic Development project and enables the NBE to offer the country’s SMEs longer-term, euro or dollar-denominated financing, to support import and export transactions. By providing access to credit to SMEs across the country, the EIB aims to boost the development of the private sector and promote the productivity and competitiveness of the Egyptian economy as well as create jobs.
“It is a real pleasure to sign such a contract for supporting SMEs during my first visit to Egypt on behalf of the European Investment Bank. Through this financing and as a key financing partner of Egypt, EIB’s objective is to support the social and economic transition by promoting SMEs, development and competitiveness. With this support, we will encourage job creation, especially for the younger generation”, said EIB Vice-President Ambroise Fayolle during the signing ceremony.