Egypt, France airdrop aid to Gaza amid growing humanitarian crisis, global criticism of Israel    Supply minister discusses strengthening cooperation with ITFC    Egypt launches initiative with traders, manufacturers to reduce prices of essential goods    SCZONE chief discusses strengthening maritime, logistics cooperation with Panama    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    58 days that exposed IMF's contradictions on Egypt    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EBRD grants $100m senior loan to QNB Alahli to support local businesses
EBRD ready to dedicate €21bn over 2020/2021 to combat economic impacts of coronavirus crisis
Daily News Egypt Published in Daily News Egypt on 11 - 05 - 2020

The European Bank for Reconstruction and Development (EBRD) has granted a $100m senior loan to QNB Alahli for on-lending to firms, specifically focusing on small- and medium-sized enterprises (SMEs).
The move is a response to the impact of the coronavirus (COVID-19) outbreak in Egypt, as businesses experience a decrease in activities, turnover and/or profitability.
This is the first investment to be delivered in Egypt under the EBRD's coronavirus Solidarity Package, which was set up to meet the immediate short-term financing needs of existing clients.
The EBRD views SMEs as an important segment of Egypt's economy, and supporting them during these challenging times remains a priority for the bank.
It expects to dedicate all of its activities to combating the economic impact of the crisis and stands ready to provide support worth €21bn over the period over 2020-2021.
The bank is providing a $100m increase on an existing uncommitted trade finance limit for QNB Alahli under the former's Trade Facilitation Programme. The limit, which now stands at $250m, will help meet the increased demand for import and export transactions.
Heike Harmgart, the EBRD's Managing Director for the southern and eastern Mediterranean region said, "This financial package is key for the resilience of local Egyptian businesses, and it will provide much-needed funding to SMEs, large enterprises and trade companies in this global crisis."
Mohamed El-Dib, Chairperson and Managing Director of QNB Alahli, said, "The latest transactions further show that the top priority of both the EBRD and QNB Alahli is to support clients through these challenging time, which is in-line with the Central Bank of Egypt's directions to support SMEs."
QNB Alahli is one of the EBRD's largest clients in Egypt's financial sector. The bank has been a longstanding partner of the EBRD since 2015, when the first SME loan and trade finance facility were signed.

Clic here to read the story from its source.