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NBE Eases Lending for Textile Manufacturers, Al Mal Reports

Aug. 2 (Bloomberg) -- National Bank of Egypt lowered the interest rate it charges textile manufacturers to 11 percent for projects that start in the next 18 months, Al Mal newspaper reported.

The bank may support the industry via debt and equity investments and is coordinating with the textiles unit of the Federation of Egyptian Industries, the Cairo-based newspaper said, citing Mohamed el-Morshidy, head of the unit.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Mahmoud Kassem at mkassem1@bloomberg.net

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