NBE pursues foreign loans to promote dollar liquidity

The National Bank of Egypt (NBE), the country’s largest state bank, is currently negotiating with international sides, including Chinese institutions, for loans in foreign currency to promote its dollar liquidity, NBE deputy president Yehia Abul Fotouh said.

The NBE had gotten $700 million from China to fund mega projects.

Speaking to MENA Tuesday, Abul Fotouh said the bank seeks to provide a loan between EGP 4 billion and EGP 5 billion, for the Egyptian Electricity Transmission Company in collaboration with other banks.

The NBE is also studying preparations for a joint loan, EGP 2 billion, for the ports sector, he said.

Clinets deposits at the bank had risen from EGP 448 billion in the end of June 2015 to EGP 505 billion this March, he said.