Masress : Banque Misr offers loans worth EGP 33.2bn to several economic sectors

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Banque Misr offers loans worth EGP 33.2bn to several economic sectors
Loans will be granted to different sectors including maritime shipping, electricity, energy, and fertilizers

Hossam Mounir Published in Daily News Egypt on 26 - 12 - 2016

Banque Misr aims to finalise a number of major financing operations worth about EGP 33.2bn.
According to a statement released by the bank, the loans will be granted to a number of sectors, including maritime shipping, electricity, energy, and fertilisers, among others. The banks stated that the value of the expected coverage for Banque Misr is about EGP 10.8bn.
The statement noted that from 1 July 2015 until 30 June 2016, the bank arranged several financing operations worth EGP 72.5bn for a number of sectors, including electricity, cement, real estate investment, and petroleum. Banque Misr's coverage in those operations amounted to EGP 18.4bn, of which the bank retained a final share of EGP 16.8bn.
In a different context, the bank said that its financial position totaled EGP 430bn on 30 June 2016, up from EGP 331bn on 30 June 2015, recording a growth of 30%.
Deposits at the bank also grew by EGP 51bn, registering over EGP 341bn, compared to EGP 290bn on 30 June 2015—a growth of 17.6%, despite the current economic conditions and their impact on the banking sector.
As for financing small-, medium-sized, and micro enterprises, the bank's portfolio for the sector recorded EGP 8.5bn in June 2016, compared to EGP 5.3bn in June 2015çan increase of 60%.
Banque Misr participated with the Ministry of Local Development in the Mashro3ak project to finance small and micro enterprises through the one-stop shop at 290 local units deployed all over Egypt.
Banque Misr offers its services through 254 local units, through which it granted loans of about EGP 637m to 20,162 owners of small and micro enterprises from 26 March 2015 until 30 June 2016.
With respect to the Islamic banking sector, the credit portfolio directed to this sector rose to EGP 4bn in June 2016, compared to EGP 3.1bn in June 2015.
According to the statement, the bank has participated in Islamic financing channeled to the establishment of an iron and steel factory in Ain Sokhna.
The bank also extended its efforts in syndicated loans through arranging with other banks. It participated with $50m in financing the Egyptian General Petroleum Cooperation with a total loan of $130m.

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