Wednesday 1 July 2020
Last update on Wednesday, July 1, 2020 At 7:21 AM
The Commercial International Bank and the National Bank of Egypt will receive $ 100 million and $ 200 million, respectively, in loans from the EBRD. The funds will support businesses experiencing declining revenues and cash flow difficulties.
Two lines of credit totaling $ 300 million will be extended to the National Bank of Egypt (NBE) and the Commercial International Bank (CIB). The first will receive $ 200 million and the second $ 100 million.
Funds from the European Bank for Reconstruction and Development (EBRD) will be on-lent in the form of short-term loans to local businesses whose operations have been disrupted by Covid-19.
The National Bank of Egypt, the oldest commercial bank in Egypt, established in 1898, further strengthened its support for private businesses in the country. Its personal loan portfolio reached 73.2 billion Egyptian pounds ($ 4.5 billion) at the end of June 2019 and the total amount of financing granted to large Egyptian companies increased by 12% to 411 billion Egyptian pounds (25 $ 4 billion) over this period.
Commercial International Bank, on March 31, 2020, granted its customers loans totaling 128.2 billion Egyptian pounds ($ 7.9 billion).
In 2020-2021, the EBRD will devote up to € 21 billion in financial support to partner banks as part of a recent initiative to mitigate the impact of covid-19 in evolving establishments and businesses in its operating markets.
Source Agence Ecofin June 2020
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