Cairo - Mubasher: The National Bank of Egypt is in talks with international financial institutions to borrow around $500 million in loans by the end of June 2018, Yehia Abou Elfotouh, NBE’s deputy chairman, said.
The biggest bank of the North African nation has already received loans worth a combined of $1 billion and seeks another credit facility in an effort to enhance its dollar liquidity, Abou Elfotouh told Bloomberg.
“We don’t think about bonds now, as borrowing from international institutions is cheaper and easier,” the top official added.
Moreover, the state-run lender reached a final agreement with the European Investment Bank to obtain another financing ranging between EUR 500 million and EUR 750 million during the first half of 2018.
On the other hand, the NBE plans to open 30 new branches across the Arab world's most populous country in 2018.
The Egyptian lender has obtained the Egyptian Central Bank's (CBE) approval to launch its first branch in Saudi Arabia by the end of 2018, Abou Elfotouh said, adding that the move aims to bolster remittances from Egyptian expatriates in the kingdom.
