KfW to lend NBE EUR 50 mn for SME funding

Germany’s state-owned development bank KfW is planning to sign a EUR 50 mn loan agreement with the National Bank of Egypt to fund SMEs in the country, KfW’s Egypt director Burkhard Hinz tells Al Mal. These SME loans will be mostly geared towards businesses outside Cairo, added Hinz. He had previously said KfW plans to disburse EUR 300 mn in loans in Egypt over the coming five years.