Cairo: Export Development Bank of Egypt (EBE) announced that it will sign an agreement with the European Bank for Reconstruction and Development (EBRD) on 21 February to secure a loan of up to $25 million.

The new loan will come within the scope of EBRD’s support to Egyptian small and medium-sized enterprises (SMEs), with a focus on exporting enterprises.

In the first nine months (9M) of 2023, EBE recorded EGP 2.29 billion in consolidated net profits after tax, up from EGP 993.53 million the year before.

The bank announced plans to achieve net profits worth EGP 3.65 billion in 2024, 19% higher than EGP 3.07 billion targeted in 2023.

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