This project provides funds to National Bank of Kuwait Egypt (NBKE), a bank headquartered in Cairo. NBKE will use the funds to finance medium-sized enterprises and sustainable energy finance in Egypt.
The project is expected to have the following development impact:
(i) Strengthening the banking sector in Egypt by providing long term foreign currency financing (FCY) funding, which is not readily available in the market.
(ii) Supporting the Bank to increase its reach to medium enterprises; a segment critical to the Egyptian economy that is chronically underserved.
(iii) Supporting the Bank in incorporating SEF as part of its product offering for both corporates and medium enterprises.
NBKE is 95% owned by National Bank of Kuwait (“NBK” or the “Parent”) and the remaining 5% shareholding is owned by general public. NBK has a dominant market share in Kuwait and is the sixth largest bank in the GCC with total assets of US$76 billion as of June 2015. Around 95% of NBK’s share are freely floating on the stock exchange with the remaining 5% owned by the Public Institution for Social Security in Kuwait. The Parent is rated A+ by S&P, AA- by Fitch and Aa3 by Moody’s. NBK’s rating reflects dominant franchise, resilient core profitability, and robust financial fundamentals.
Head of Global Relationship Management
National Bank of Kuwait - Egypt
Plot No.155, City Center, First Sector
5th Settlement, New Cairo, Egypt
Tel (+202) 261 493 00
Fax (+202) 261 358 64
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/