This image will be automatically disabled when it gets reported by several people.
Banque Misr arranges EGP 2bn syndicated loans for industry sector projects: chairperson Negotiations underway with a foreign institution to obtain a $300m loan in two months, says El-Etreby
Banque Misr is arranging a number of syndicated loans worth EGP 2bn for projects in the industry sector, according to chairperson of the bank Mohamed El-Etreby. El-Etreby refused to disclose the details of the loans at the present time, telling Daily News Egypt that these are still under negotiation and subject to confidentiality agreements. "The loans portfolio at Banque Misr jumped to EGP 108bn as of the end of June compared to EGP 63bn in June 2015. The bank is targeting to increase it by about 31% in the current fiscal year that will come to an end in June 2017," El-Etreby said. He added that the balances of the customers' deposits at the bank registered EGP 340bn as of the end of June, an increase of 19% compared to June 2015. The bank is targeting to increase this by 25% by the end of June 2017. In another matter, El-Etreby said that the bank is negotiating with an international financial institution to obtain a loan worth $300m to support its dollar liquidity and meet the foreign exchange needs of its customers. He expects to complete these negotiations and obtain the loan within two months. Banque Misr earlier obtained several loans from China Development Bank (CDB), Emirati banks, and ABC Bahrain bank. According to El-Etreby, these loans contributed to financing a number of vital public projects in the last period—on top of which came energy projects, in order to provide the energy required for the already existing projects and those to be established in Egypt. He noted that the bank obtained the approval of the central banks of Russia and China to launch two representative offices in Moscow and Guangzhou. Both offices are expected to be opened before the end of this year. Moreover, the external expansion plan of the bank includes increasing its branches in Lebanon, developing its branches in the Emirates, and requesting to establish a branch in Bahrain.
