OPEC Fund and AIIB to fund infrastructure projects in Egypt
The OPEC Fund for International Development and Asian Infrastructure Investment Bank (AIIB) have signed an agreement with the National Bank of Egypt (NBE) for the US$200 million loan. The aim is to support the on-lending portfolio of hard and soft infrastructure sub-projects of the bank.
The financing package consists of a US$150 million loan from AIIB and a US$50 million loan from the OPEC Fund. It will help overcome the infrastructure funding gap in Egypt by supporting NBE’s broad network in the country.
The loan of OPEC Fund will be used for on-lending to the private sector in priority industries that include education, energy, particularly renewables, health and transportation. NBE will also on-lend to small- and medium-sized enterprises (SMEs).
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