(MENAFN) The National Bank of Kuwait (NBK) proclaimed that its arm in Egypt, NBK Egypt has inked an USD300mn credit facility agreement with the Arab Petroleum Pipelines Co. (SUMED).
Additionally, the loan will be earmarked for finishing the first phase of expanding SUMED's projects in Ain Sokhna, Egypt.
Moreover, this deal will enhance NBK's pioneer position in the Egyptian market as a fundamental partner in order to help develop Egypt's economy.
Accordingly, this loan agreement will raise the loan portfolio and have a positive influence on its profitability.
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