NBE, CIB receive awards at EBRD Annual Meetings

Daily News Egypt
2 Min Read

The National Bank of Egypt (NBE) and the Commercial International Bank (CIB) were honoured with three awards during the thirty-third session of the European Bank for Reconstruction and Development (EBRD) annual meetings in Yerevan, Armenia.

Best Green Deal Award

NBE secured the award for the best deal in the field of green trade for the year 2023. This recognition highlights NBE’s commitment to sustainable financing and environmentally friendly practices.

Most Active Bank Award

NBE also received recognition as the most active bank in terms of green trade financing volume. Their efforts in supporting green initiatives contribute significantly to Egypt’s sustainable development.

Most Active Bank Award

The Commercial International Bank (CIB) was acknowledged as the most active bank in Egypt for 2023. This award reflects CIB’s extensive involvement in commercial transactions facilitated by EBRD.

Rania Al-Mashat, the Minister of International Cooperation, congratulated both banks on their achievements. She emphasised EBRD’s positive collaboration with Egypt’s private sector, including private and government banks. EBRD’s support extends to financing commercial operations and providing credit lines to micro, small, and medium enterprises (MSMEs).

Despite global crises since 2020, Egypt’s private sector remains attractive to international financial institutions. EBRD’s investments, totalling over €12bn, have significantly impacted Egypt’s private sector growth.

Additionally, the International Finance Corporation (IFC) has played a crucial role in supporting Egyptian banks and businesses. From 2020 to 2023, development partners provided nearly $10.3bn in financing to the private sector.

Recently, the Minister witnessed the signing of a $100m agreement between the IFC and Banque du Caire. The aim is to enhance funding for micro, small, and medium enterprises within the private sector.

Furthermore, the IFC invested $50m in the SPE PEF III Fund, managed by SPE Capital. This direct investment fund supports medium enterprises across Egypt, North Africa, and Sub-Saharan Africa. The collaboration between international institutions and Egypt’s private sector continues to drive economic development and prosperity.

TAGGED:
Share This Article
Leave a comment