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National Bank of Egypt signs $750M loan from international banks

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National Bank of Egypt signs $750M loan from international banks

National Bank of Egypt (SAE) signed a $750 million financing agreement with a consortium of international banks, Amwal Al Ghad reported, citing Ghada El Bialy, the bank's correspondent banking and treasury head.

The consortium included the European Bank for Reconstruction & Development, HSBC, Citibank, Standard Chartered, First Abu Dhabi Bank, Emirates NBD, Bank ABC, National Bank of Ras Al-Khaimah and Commercial Bank of Dubai, the newspaper wrote June 3.

El Bialy said the loan will be used to finance small and medium-sized and "giant" projects in Egypt, the report added.