The National Bank of Egypt signed a $50m agreement with the European Bank for Reconstruction and Development, to finance small and medium enterprises.  The agreement is part of a $100m package of credit facilities agreed upon between the two banks.

The banks have allocated $25m of the $50m to provide foreign currency for National Bank of Egypt clients to finance imports and exports at a competitive rate for up to three years. The move is expected to create new jobs, boost production and support the Egyptian economy.

The remaining $25m aims to guarantee National Bank obligations in foreign trade operations, including letters of credit, accreditation documents, and foreign trade papers.

The agreement is part of National Bank of Egypt’s initiative to strengthen relations with international financial institutions, thereby diversifying sources of funding for the bank’s activities and products.