Banque Misr arranges EGP 43.5bn loans to several economic sectors

Loans will be granted to construction, shipping, electricity, and energy sectors, among others

Banque Misr aims to finalise a number of major financing operations worth about EGP 43.5bn with a number of banks, according to a statement released by the bank.
The loans will be granted to a number of sectors, including construction, shipping, electricity, and energy. The banks stated that the value of the expected contribution from Banque Misr is about EGP 9bn.
The statement noted that from 7 January 2014 to 30 July 2015, the bank arranged several finance operations worth EGP 41.3bn for a number of sectors including petroleum, fertilisers, and real estate. Banque Misr contributed about to EGP 9.5bn of those loans, of which the bank retained a final share of EGP 8.7bn.
According to the statement, the bank arranges similar loans as part of its role as one of the leading national banks in the Egyptian banking sector and in light of the extensive marketing plans pursued by the bank to attract clients and new financing operations. The bank is also committed to implementing its strategic development plans to support the national economy.
Efforts recently made by the bank during the last period paid out, whereby it was chosen by Bloomberg as the best bank for marketing joint loans and finance project in Africa in 2015. The bank also came second in the management and arranging of syndicated loans in Africa.
As for the financing of small, medium, and micro enterprises, the bank's portfolio for the sector recorded EGP 5.3bn in June 2015 compared to EGP 3.5bn in July 2014, marking an increase of EGP 1.8bn and a growth rate of 56%.
Banque Misr participated with the Ministry of Local Development in the "Mashor3ak" Project to finance small and micro enterprises through the one-stop shop at 304 local units deployed throughout Egypt.
Banque Misr is found in 268 local units, through which it granted loans of about EGP 48m to 1,848 owners of small and micro projects from 26 March to 30 June.
With respect to the Islamic banking sector, the credit portfolio directed to this sector rose to EGP 3.1bn in June 2015 compared to EGP 1.9bn in June 2014.
According to the statement, the bank has participated in financing Egyptian Electricity Holding Company for the implementation of the emergency plan in the summer of 2015. The loan was arranged according to speculation terms and its value amounted to EGP 1.62bn, of which Banque Misr contributed EGP 500m.
The bank also contributed EGP 300m in another Islamic financing that was granted to establish a billet and steel factory in Ain Sukhna.
In terms of Islamic retail banking activity, Banque Misr's Islamic Transactions Unit, "Kenana", offers a diverse range of products, including Islamic credit cards, resale for profit ("Murabha"), and different micro enterprises financing products. The bank is also currently preparing a number of financing programmes for small and medium enterprises per Islamic financing terms.