Banque Misr financed import operations worth $2bn, post-flotation collection of US dollars surpassed $1bn

We aim to increase MSMEs financing to EGP 25-30bn by 2019, branches to 780 in two years, says El-Etreby

Banque Misr has financed import operations worth $2bn since the flotation of the Egyptian pound on 3 November 2016 until the end of last week, according to Mohamed El-Etreby, chairperson of Banque Misr.
El-Etreby told Daily News Egypt that the bank collected over $1.2bn of US dollars since the flotation until last week.
In a different context, he said that the bank aims to increase the size of its micro-, small-, and medium-sized enterprises (MSMEs) financing portfolio to EGP 25-30bn by 2019, which is the deadline set by the Central Bank of Egypt (CBE) SMEs financing initiative.
Back in 2016, the CBE had posed an SMEs financing initiative. It allocated EGP 200bn to finance the sector, and obligated banks to boost the size of loans granted to these projects to 20% of their total credit portfolios.
El-Etreby said that Banque Misr aims to increase the number of its branches to 780 branches in two years, up from 570 branches now. "This aims to reach all segments of citizens everywhere," he added. "We are also working to provide an integrated package of smart modern banking technologies to achieve the state's target of financial inclusion," he stated.
In this context, he noted that Banque Misr is preparing to launch its mobile wallet service in the coming days, as well as mobile banking and internet banking services very soon.
He pointed out that only 13% of the Egyptian people deal with banks, which also sheds light on potential opportunities for expansion.
In addition, El-Etreby said that the bank aims to increase the size of mortgage finance for low- and middle-income citizens, as part of the initiative launched by the CBE to finance this segment, adding that the bank has already provided financing of up to EGP 1bn as part of the initiative until now.
He noted that the bank also plans to secure funding to major national projects, especially the ones in the Suez Canal Economic Zone.
El-Etreby had earlier signed a cooperation protocol with the head of Suez Canal Economic Zone Authority, Ahmed Darwish, to strengthen mutual cooperation between the two sides and maximise the benefit for investors who wish to use the services provided by the bank at the Investors Service Facility building at the Suez Canal Economic Zone area in Ain Sokhna.
He said that the cooperation protocol enables the bank to provide credit facilities to investors, as well as review feasibility studies and development plans, provide technical consulting and banking services to investors, companies, and projects, as well as individuals.
He added that the bank aims to push development forward and unlock the investment capabilities across all economic and social fields.
Banque Misr had also participated with EGP 10bn in the loan granted a few days ago to the Egyptian Electricity Holding Company (EEHC), in which the National Bank of Egypt (NBE) financed another EGP 10bn.
El-Etreby said that the bank is also reviewing a number of similar loans that will be granted in the coming period to finance a number of national projects.
He added that the bank's loan portfolio jumped during the last fiscal year ending in June 2016 by more than 100%, rising from EGP 63bn to EGP 127bn.
He noted that the bank aims to increase the volume of financing granted to industrial projects that contribute to rationalising imports and increase exports to ease the burden on foreign currency and help the state boost hard cash resources.