National Bank of Egypt (NBE) is looking to raise its foreign debt by $1 billion to reach $2.5 billion in financial year 2018/2019, vice chairman Yehia Abu Al Fotouh said.

The Arab country’s largest state bank is currently in talks with Chinese institutions over obtaining a new external financing, Hapi Journal reported, citing Abu Al Fotouh.

In April, Abu Elfotouh unveiled that NBE was in talks with the European Investment Bank (EIB) to get an EUR 750 million external loan.