NBE signs $50m agreement with Arab Fund to boost MSME financing
The agreement was signed by Mohamed El-Etreby, CEO of the National Bank of Egypt, and Bader Al-Saad, Director General and Chairperson of the Arab Fund.
The financing—equivalent to approximately EGP 2.5bn—comes alongside an additional funding package of up to $400m arranged by the European Bank for Reconstruction and Development (EBRD), reflecting the international community's confidence in the National Bank of Egypt's developmental role.
Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, stated that from 2020 to mid-2025, the ministry has successfully secured over $15.6bn in concessional development finance for Egypt's private sector, through partnerships with regional and international financial institutions. This, she explained, reflects a clear national vision to empower the private sector as a cornerstone of sustainable development by broadening access to concessional finance and deepening cooperation with development finance institutions.
She added that the new partnership with the Arab Fund signals a strategic move to channel greater development financing towards the private sector, in support of national priorities including job creation and women's economic empowerment.
El-Etreby said the partnership marks a strategic milestone in the bank's efforts to support the Egyptian economy, bolstering the NBE's capacity to finance MSMEs and empower entrepreneurs in line with the Central Bank of Egypt's objectives and Egypt's Vision 2030 for sustainable development.
He noted that the bank looks forward to expanding cooperation with Arab and international financial institutions to promote inclusive and sustainable development. The new funds will be channelled into projects across both urban and rural areas through the bank's nationwide network of nearly 700 branches and supported by a diverse package of programmes aimed at strengthening high value-added productive sectors that advance economic diversification.
Bader Al-Saad highlighted that the agreement represents a new direction in the Arab Fund's strategy, marking an institutional pivot towards private sector financing after decades of focusing solely on the public sector. This shift, he explained, is designed to maximise development impact and deepen partnerships with local institutions capable of effectively deploying funds towards clear developmental objectives.
He emphasised that the private sector is a critical engine of economic growth and job creation, particularly in large and promising economies such as Egypt's. This agreement with the National Bank of Egypt—one of the country's most trusted and widely represented banking institutions—underscores the Arab Fund's commitment to inclusive growth, women's empowerment, and expanding access to finance for small businesses.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
3 hours ago
- See - Sada Elbalad
Beirut Port Sees Container Traffic Surge to Highest Monthly Level in More than 5 Years
Taarek Refaat Beirut Port has recorded its highest monthly container traffic since 2019, signaling a notable rebound in Lebanon's maritime trade activity after years of stagnation and crisis. According to a statement issued Friday by the Port of Beirut's Management and Investment Authority, container throughput in July reached approximately 100,000 twenty-foot equivalent units (TEUs), a 39% increase compared to the same month in 2024, when the figure stood at 72,000 TEUs. The authority credited the surge to improvements in operational infrastructure, streamlined logistics services, and the renewed confidence of global shipping lines. The port's container terminal is operated by CMA CGM, a leading French container transportation and shipping company. 'This level marks the highest container activity at the port since 2019, reaffirming Beirut's position as a key maritime hub in the Eastern Mediterranean,' the statement said. The increase in activity follows a turbulent period for Beirut Port, which was devastated by a massive explosion in August 2020 that killed over 200 people and destroyed large parts of the surrounding area. Recovery efforts in the years since have been slow, hampered by Lebanon's ongoing economic and political instability. However, port officials say a combination of strategic reforms, improved operational flow, and international partnerships have led to a renewed sense of optimism. Shipping companies have begun to reintroduce Beirut into their regular routes, a vote of confidence in the port's ability to handle cargo efficiently and securely. 'The port is working to further enhance the working environment and upgrade services to ensure this positive momentum continues,' the statement added. Beirut Port, alongside Rafic Hariri International Airport, remains one of Lebanon's most vital trade and logistics gateways. The new figures come as a welcome sign of economic resilience amid a broader national crisis. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
3 hours ago
- See - Sada Elbalad
US Job Growth Slows Sharply, Unemployment Rate Surges
Taarek Refaat The U.S. labor market showed clear signs of fatigue in July, with job creation slowing significantly and previous months' gains revised sharply downward, a signal that the broader economy may be losing steam faster than anticipated. According to data released Friday by the U.S. Bureau of Labor Statistics (BLS), nonfarm payrolls increased by just 73,000 last month, far below economists' expectations. Additionally, the employment figures for May and June were revised down by a combined 260,000 jobs, underscoring the weakening trend. The unemployment rate rose to 4.2%, up from 4.0% in June. The slowdown suggests that the once-resilient U.S. labor market is now facing more than just cyclical headwinds. Hiring has slowed across key sectors, including manufacturing, professional services, and government. Local public education, in particular, saw substantial downward revisions. Private-sector hiring showed some recovery in July, mainly due to gains in health care and social assistance, but it was not enough to offset broader softness. 'This isn't just a moderation anymore,' said one senior labor economist. 'It's a clear signal that both employers and workers are feeling the strain of an economy losing momentum.' At the same time, wage growth has stalled, compounding challenges for American households already grappling with the lingering effects of high prices and rising borrowing costs. The report comes at the end of a week filled with weaker-than-expected data on consumer spending, inflation progress, and business activity, all reinforcing the Federal Reserve's decision to hold interest rates steady at its latest policy meeting. However, the internal divide among policymakers appears to be widening. Despite Friday's data, Fed Chair Jerome Powell insisted earlier this week that the labor market remains 'strong,' arguing that inflationary risks persist, especially following the latest tariff announcements from President Donald Trump's administration. Still, markets reacted negatively to the jobs report: U.S. stock futures remained lower, while Treasury yields and the dollar both fell. Investors are now increasingly betting that the Fed could pivot toward rate cuts as early as the fourth quarter, should labor and inflation trends continue in this direction. The next Federal Reserve meeting is scheduled for September, by which time officials will have access to another jobs report and a new round of inflation data. Those indicators may prove decisive in shaping the central bank's next steps. Meanwhile, concerns are growing that slower hiring could feed into reduced consumer spending, further dragging on GDP growth in the second half of 2025. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
Al-Ahram Weekly
5 hours ago
- Al-Ahram Weekly
Vietnam President Luong Cuong to start strategic visit to Egypt on Sunday: Ambassador Dung - Foreign Affairs
Vietnamese President Luong Cuong's state visit to Egypt from 3 to 6 August holds strategic significance and is expected to exert a lasting impact on the advancement of bilateral relations, as both nations embark on a new era of growth and development, according to Vietnamese Ambassador to Egypt Nguyen Huy Dung. This would be the first state visit by a Vietnamese president to Egypt in seven years, since President Tran Dai Quang's trip in 2018. In an interview with Vietnam Plus, Dung said the visit is expected to serve as a driving force and open a new phase of cooperation—particularly in the fields of economy and trade—between Vietnam and Egypt, as well as with other African nations. President Cuong is scheduled to hold talks with his Egyptian counterpart, Abdel-Fattah El-Sisi; meet with Prime Minister Mostafa Madbouly, Senate President Abdel-Wahab Abdel-Razeq, and House of Representatives Speaker Hanafy El-Gebaly; and deliver a policy speech at the headquarters of the Arab League. He will also meet with staff of the Vietnamese Embassy and relevant agencies, along with representatives of the Vietnamese community in Egypt. Since the establishment of diplomatic relations in 1963, the traditional friendship between the two countries has achieved remarkable progress across various fields, grounded in friendship, equality, mutual respect, and win-win cooperation for the benefit of both peoples. To further enhance political trust and elevate bilateral relations more comprehensively and substantively, both sides expect to upgrade their ties to a Comprehensive Partnership during the visit, opening up new avenues for cooperation and deepening the friendship toward a shared, prosperous future. They will also seek to develop and better utilize new cooperation mechanisms based on respect for international law, independence, sovereignty, territorial integrity, and each country's political system, the ambassador noted. Dung highlighted that Egypt was the first North African country to officially recognize Vietnam as a full market economy in November 2013. Egypt is also an important market for Vietnam in the region, with bilateral trade reaching USD 541.36 million in 2024, the highest in North Africa. Of that amount, Vietnam recorded a trade surplus of USD 472.63 million. Currently, one Vietnamese enterprise is investing in Egypt with a total capital of about USD 30 million, and a Vietnamese garment company has established a joint venture with an Egyptian partner. By the end of 2024, Vietnamese commercial banks had set up 46 dealer relationships with Egyptian banks, with total two-way payment and remittance transactions reaching approximately USD 235 million—the highest in the African region. Meanwhile, Egypt now has 22 investment projects registered in Vietnam, with a total capital of around USD 2.78 million. Dung also pointed to growing cooperation between the two countries' localities and highlighted education collaboration, including scholarships offered by Egypt for Vietnamese students to study Arabic. Within multilateral frameworks, the two nations have maintained close coordination and mutual support at forums such as the United Nations (UN), the Non-Aligned Movement (NAM), the African Union (AU), and the Association of Southeast Asian Nations (ASEAN). They continue to coordinate and support each other in multilateral settings while serving as bridges to enhance each other's cooperation with ASEAN and Arab countries, for the benefit of both peoples and peace, cooperation, and development across both regions. He added that Vietnam can access the Middle East and North Africa (MENA) market through Egypt, given its strategic location at the crossroads of Asia, Africa, and Europe. In return, Egypt can regard Vietnam as a gateway to the vast ASEAN market. The two countries also have the potential to serve as strategic bridges between ASEAN and MENA, particularly in the areas of multilateral diplomacy, trade, investment, infrastructure connectivity, logistics, culture, education, and tourism, Dung concluded. Vietnamese Ambassador to Egypt Nguyen Huy Dung. Photo: VNA Follow us on: Facebook Instagram Whatsapp Short link:
