NBK - Egypt (IFC-37029)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 22, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
NATIONAL BANK OF KUWAIT-EGYPT SAE
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported
Converted using 2015-12-22 exchange rate.
Project Cost (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported
Converted using 2015-12-22 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 31, 2018

Disclosed by Bank Nov 2, 2015


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Project Description

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.

People Affected By This Project

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.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

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.

Contact Information

Karim Kamal
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/