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Cairo – The European Bank for Reconstruction and Development (EBRD) approved the provision of a $100 million loan to the National Bank of Kuwait – Egypt (NBK Egypt) to relieve the impact of the coronavirus (COVID-19) pandemic.
The funding will be used to finance private-sector businesses, seen as one of the main economic drivers in the country, minister of international cooperation, Rania Al-Mashat, said in a statement on Sunday.
It is noteworthy to mention that the number of projects funded by EBRD in the most populous Arab nation reached 115 valued at EUR 6.5 billion, 56% of which are owned by the private sector.
In addition, Egypt has received two awards from EBRD in women empowerment and renewable energy and environment protection.
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