National Bank of Egypt said it had signed an agreement with South Korea's STX Shipbuilding Co to fund Egypt's purchase of six ships for $251.6 million, according to state news agency Mena.

Atiya Salem, vice chairman of National Bank of Egypt told Mena the bank was funding the purchase of four vessels with a capacity of 81,000 tonnes and two with capacity of 85,000 tonnes for the state's National Maritime Company.