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Egypt's Biggest Bank Seeks $500 Million Loans, Eyes Saudi Market

  • Lender seeking to secure $500 million in loans by June
  • Sees 15% domestic loan growth in 2018 as interest rates drop
A Cairo neighborhood is seen from the headquarters of the National Bank of Egypt in this aerial view in Cairo, Egypt.

A Cairo neighborhood is seen from the headquarters of the National Bank of Egypt in this aerial view in Cairo, Egypt.

Photographer: Shawn Baldwin

The National Bank of Egypt is looking to secure $500 million in loans by the end of June, shunning the issuance of bonds as it looks for less expensive ways to fund growth and boost dollar liquidity, the state-run lender’s deputy chairman said.

NBE, the country’s largest lender, is in early negotiations with international institutions for part of the financing, which will augment $1 billion in loans it has already secured, Yehia Abou Elfotouh said in an interview. While it had planned to sell between $1 billion and $1.5 billion in international bonds, it postponed the plan last year.