NBK-Egypt provides $115m financing for Safaga Terminal Project in Egypt

10/02/2026 04:45 AST

Reinforcing its leadership in advancing Egypt's sustainable economic development agenda, National Bank of Kuwait - Egypt (NBK-Egypt) continues to strengthen its role as a leading financial partner in the financing of strategic national projects. In this context, the Bank has entered into a $115 million financing agreement in collaboration with the International Finance Corporation (IFC) to support the development of Noatum Ports - Safaga Terminal in Egypt.

This financing aligns with the Bank's commitment to supporting national projects that deliver sustainable long-term economic impact. These initiatives are instrumental in advancing logistics infrastructure, improving the efficiency of Egypt's port network, and consolidating the country's strategic position as a regional hub for global trade and supply chains.

This financing was supported by IFC, with participation from NBK-Egypt through a long-term syndicated loan with a tenor of up to 15 years. This reflects the confidence of international and regional financial institutions in the strength of the Egyptian economy, the quality of project execution, and their capacity to generate sustainable economic and developmental returns. It also underscores confidence in the operational capabilities of AD Ports Group and highlights Egypt's strategic role within global trade and supply chain networks. The financing has secured all required approvals, and financial close is expected during the first quarter of 2026.

Egypt's economic growth
Yasser El-Tayeb, Vice Chairman, CEO and Managing Director of NBK-Egypt, stated that the Bank's participation in this significant financing reflects its strategic commitment to its role as an active development partner in supporting the national economy, emphasizing that financing major national projects represents a central pillar of the Bank's strategic direction. He added that port development and logistics infrastructure projects constitute a key driver of economic growth due to their direct impact on stimulating foreign trade activity, enhancing the competitiveness of the Egyptian economy, and creating sustainable employment opportunities.

Ports in particular represent one of the most critical components of such projects, given their contribution to expanding external trade flows and supporting the state's plans to maximize the benefits of Egypt's unique geographic location as one of the most important logistics hubs along the Red Sea.

Moreover, El-Tayeb emphasized that long-tenor financing extended by the banking sector serves as a decisive catalyst in translating development strategies into operational projects with real economic impact, reflecting the approach embraced by leading international banking institutions in advancing national economic development.

The Bank's strength and expertise
In the meantime, Walid El-Seyoufi, Deputy Managing Director of NBK-Egypt, affirmed that the Bank's success in arranging and participating in financing of this scale reflects the strength of its financial position and its proven expertise in funding major strategic projects, as well as its ability to deliver integrated financing solutions aligned with national priorities and development plans.

He noted that the project represents a qualitative addition to the Bank's financing portfolio given its contribution to supporting Egypt Vision 2030 through enhancing infrastructure efficiency, stimulating investment, improving productivity, and generating direct and indirect employment opportunities, thereby contributing to inclusive and sustainable economic growth.

El-Seyoufi added that the Safaga Terminal constitutes a strategically significant project due to its role in supporting trade flows across the Red Sea and connecting regional and international markets. This aligns with the direction of global financial institutions toward supporting infrastructure initiatives that deliver broad economic impact.

He further noted that the Noatum Ports - Safaga Terminal project is valued at approximately $200 million. The terminal is located on Egypt's Red Sea coast and represents the first international maritime terminal in Upper Egypt, providing additional developmental significance from both economic and geographic perspectives.

Sustainable finance
Ahmed El-Shall, Head of Corporate and Syndication at NBK-Egypt, stated that the Bank's participation in this financing underscores its confidence in the project's economic viability, as well as its commitment to supporting projects that incorporate environmental and sustainability considerations, in line with global banking best practices. El-Shall explained that the Bank follows a clear strategy focused on financing infrastructure and sustainable development projects, which international experience has shown to be among the most important drivers of long-term economic growth.

He further noted that this transaction is not the first of its kind, as the Bank has previously participated in financing several major national projects across multiple sectors, including the expansion of Damietta Port, the Tahya Misr multipurpose terminal at Alexandria Port, Abu Qir Port, the Max Port breakwaters, and the development of Sokhna Port, in addition to other infrastructure projects in the electricity, energy, roads and related sectors. He added that several additional large-scale projects are currently under review, which the Bank is seeking to finance.

Furthermore, El-Shall affirmed that the banking sector plays an increasingly critical role in directing investments toward sectors with the greatest developmental impact, a role undertaken by leading global financial institutions through supporting strategic projects that contribute to inclusive development and improvements in quality of life.

Kuwait Times