The National Bank of Egypt (NBE) aims to pump LE 180 billion to finance mega and infrastructure projects during three years, Vice Chairman of the bank, Yehia Abul Fotouh said.
Abul Fotouh elaborated that the volume of the projects’ finance portfolio currently reached LE 400 billion, adding that the bank targets to raise the volume to LE 580 billion by the end of 2021.
“NBE targets to achieve an annual growth rate of 15 percent in corporate finance portfolio,” he stated, adding that this portfolio includes financing companies operating in the sectors of petroleum, electricity, infrastructure and mega projects.
Furthermore, the vice chairman of NBE said that the volume of financing the bank offers to mortgage rose to LE 6.4 billion and includes LE 400 million for middle-income class.
Upon the Central Bank of Egypt’s (CBE) initiative of mortgage, the volume of financing hit LE 6.4 billion to around 63,000 clients.
CBE’s initiative targets low and middle- income citizens.
In September, NBE signed a loan contract worth $600 million with China Development Bank in order to finance the working capital of the bank’s clients after signing a financing agreement worth €375 million with the European Investment Bank (EIB) by the end of July to fund investments in small and medium-sized enterprises (SMEs) and mid-caps in Egypt.