The National Bank of Egypt (NBE) is in talks with international financing institutions for a USD 500 mn loan by June’s end, chairman Yehia Aboul Fotouh told Bloomberg. NBE has already secured USD 1 bn in loans and is looking to add another loan package to improve its USD liquidity. Reports had emerged earlier this month that NBE would sign a EUR 500-750 mn loan agreement with the European Bank for Reconstruction and Development during 1H2018. Separately, NBE is planning to open its first branch in Saudi Arabia by the end of 2018, and is currently waiting on Saudi approval.

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