By: Islam Fadl
Cairo – Mubasher: Banque Misr plans to contribute about EGP 13.26 billion to 14 syndicated loans in the coming period, the bank’s vice chairman Akef El Maghraby told Mubasher.
The total value of these syndicated loans amounted to EGP 41.56 billion, El Maghraby revealed.
The loans will be directed to finance nine sectors; namely real estate investment, petroleum, gas, land transport, means of transportation, financial leasing, fertilizers, petrochemicals, and agriculture.
The Egyptian bank plans to contribute EGP 3.1 billion to a syndicated loan directly and indirectly to finance contracting works in the second phase of the New Administrative Capital's fifth residential (R5) district.
During fiscal year 2017/2018, Banque Misr’s profit after taxes fell to EGP 4.1 billion, compared to EGP 8.2 billion a year earlier.
Meanwhile, the bank’s profit before taxes reached EGP 10.4 billion in the last fiscal year, compared to EGP 14.1 billion in the previous year.
Translated by: Zeinab Adel
