Petroleum Africa
Find us on: 
Tuesday, March 17, 2015
The European Investment Bank (EIB) signed a €120 million loan with the National Bank of Egypt (NBE) for financing private sector companies. The loan is part of the Private Sector Growth and Economic Development project and is focused on small and medium-sized enterprises (SMEs) to be implemented in the productive and services sector.
With this credit line the EIB has decided to support Egypt in a very concrete way in its efforts to boost the development of the private sector and thus promote the productivity and competitiveness of the Egyptian economy while balancing the needs for increased job creation in Egypt.
This line of credit, which EIB says concerns private sector companies throughout the country, will develop the NBE’s ability to reach out to SMEs in Egypt and thus improve their access to credit in the form of longer-term loans than those currently available, denominated in EUR and USD, to support import and export transactions.
“It is a real pleasure to sign such a contract for supporting SMEs during my first visit to Egypt on behalf of the European Investment Bank. Through this financing and as a key financing partner of Egypt, EIB’s objective is to support the social and economic transition by promoting SMEs, development and competitiveness. With this support, we will encourage job creation, especially for the younger generation,” said EIB VPAmbroiseFayolle during the signing ceremony.
EIB also signed a joint declaration with the government to reinforce and strengthen the cooperation on social and economic development in Egypt. To position Egypt as an attractive destination on the global investment map, the partnership will be focused on the following two pillars of activity: improving socioeconomic infrastructure in the sectors of energy, transport, water, wastewater and waste disposal, urban development, public-private partnerships, and information and communication technologies and supporting the development of the private sector in the fields of industry, foreign direct investment and micro, small and medium-sized enterprises.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
