Egypt's QNB Alahli gets $100mln senior loans to finance needy businesses
Wednesday, 13 May 2020 14:14
Egypt's Qatar National Bank (QNB) Alahli will receive a senior loan of $100 million that will be used to provide short-term financing to companies that are experiencing a decline in business and profitability.
Details regarding the maturity and interest rate associated with this credit line have not been disclosed. Moreover, the eligibility criteria for companies, to this financing, are still unknown.
The European Bank for Reconstruction and Development (EBRD), which is at the initiative of this financing, could supplement this amount to $250 million to finance companies engaged in import-export operations.
QNB Alahli which is a subsidiary of the Qatari banking group Qatar National Bank is concluding its second loan agreement for the year 2020. The institution listed on the Egyptian Exchange had benefited in February from a loan of $82 million intended to support companies that implement projects related to the preservation of the environment.
The first financing agreements between the EBRD and its Egyptian client QNB Alahli dates from 2015.
Chamberline Moko
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