AfDB Lends NBE, CIB Egypt $215 million
Published 2014-09-17 17:33:46| Islam Salah, Maha Essam & Sayed Badr
Egypt’s biggest state-owned National Bank of Egypt (NBE) has recently received a financing worth around US$200 million from the African Development Bank (AfDB), to go for the SMEs projects in the country. Speaking to Amwal Al Ghad on the sidelines of Euromoney Egypt Conference on Wednesday, AfDB Resident Representative in Egypt Leila Mokaddem revealed that the bank has recently provided NBE a funding worth US$200 million in favour for the small and medium-sized projects in Egypt. Therefore, Mokaddem elaborated that AfDB’s total finance for the SME sector would reach US$400 million for the year of 2014. Another financing worth US$15 million approximately was recently provided by AfDB to the Commercial International Bank (CIB – Egypt) to support trade transaction, the banking official noted. Furthermore, Mokaddem asserted that AfDB will continue its support for Egypt through providing key financing for both private and public sectors. 80% of AfDB’s total financing for the Egyptian government are in energy projects.
- AfDB Lends NBE, CIB Egypt $215 million
- Arab Contractors Delivers Ivory Coast’s Biggest Bridge in November
- AfDB Pledges $500mn in Aid to Egypt in 2015
- Credit Portfolio of Egypt's HDB ups EGP7bn
- NBE Considering New Finance for Petroleum Sector worth EGP700mn
- SFD-Egypt Obtains €67.5 Grant from EU
- Arab Misr Insurance GIG Plans Opening New HQ in New Cairo with EGP90mn
- Arab Investment Bank Eyes EGP500mn SMEs Portfolio by 2014-End
- Egypt Eyes 5-6% Economic Growth for Next 3 Years– Minister
- United Bank Reduces its Non-Performing Portfolio to EGP3.5bn in June 2014
Social Fund for Development (SFD) obtained €67.5 million European Union (EU) grant through the World Bank towards financing the Emergency Labor-Intensive Investment project (ELIIP) under the frame agreement. SFD's Secretary General Hanaa El Hilaly has told Amwal Al Ghad that the agreement comes as a contribution from EU in implementing ELIIP which adopted by the Egyptian government and will be financed by the World Bank with US$20 million so as to face economic slowdown and rising unemployment rate to reduce the increasing rates of poverty. The agreement aims to find short-term job opportunities and to employee the small local contractors in addition to providing social services for the poor categories to improve living standards.
Egypt’s leading construction company, Arab Contractors (AC) plans to hand over Jacque Ville bridge project in Ivory Coast next November, an official from the company told Amwal Al Ghad. AC’s African sector Ashraf Rateb said on Wednesday Jacque Ville bridge project in Ivory Coast will be finalised next November, at a total cost of US$38 million. On a space of 1000 metres, Jacque Ville bridge project is one of the key national projects in Ivory Coast that links the country's two main cities, he noted. Rateb also revealed that the bridge is one of Arab Contractors’ biggest projects in Africa, that links the capital Abidjan and Jacqueville City. Moreover, the Egyptian official stated that Arab Contractors has finalised 55% of total projects in Africa of US$3 billion. Road projects seize the lion’s share of AC’s total businesses in Africa, at value of US$1.7 billion approximately. Coming second in the list, AC’s underway housing projects in Africa account for around US$560 million. The infrastructure projects rank third, acquiring value of about US$500 million.
The Market Quotes Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.
Most Popular »
- MetLife Alico Cooperates with AlexBank and Barclays for Bancassurance Activities
- Official: Egypt to Invite Tender for EGP540mn River Bus Project in October
- Egypt's FinMin Plans Cancelling 90% of Petroleum Subsidiary over 4 Years
- We Need An Economic DNA, Hisham Ezz Al-Arab Tells Euromoney
- Arab Contractors Wins $400mn Contract in Equatorial Guinea