SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt welcomes international efforts for peace in Ukraine    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
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
Published in Daily News Egypt on 20 - 09 - 2016

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.


Clic here to read the story from its source.