By: Islam Fadl
Cairo – Mubasher: Banque Misr, Egypt's second-largest state lender, has signed an agreement with BM Lease, upon which the company will obtain an EGP 500 million loan, the bank’s vice chairman Akef El Maghraby said.
BM Lease will receive the loan in several installments as needed, El Maghraby added in a phone call with Mubasher.
The loan will be injected into small- and medium-sized businesses, he highlighted, stressing that the bank is currently giving the priority to the SMB sector.
Banque Misr aims to boost the SMB portfolio to 20% of its total credit portfolio in January 2020 within the framework of the Central Bank of Egypt’s (CBE) instructions.
