Cairo – Mubasher: Banque Misr has received a Murabaha facility worth $105 million from three UAE banks, said chairman Mohamed El-Etreby.
The facility which will be repaid within two years aims to boost Banque Misr’s dollar resources, the top official told Mubasher, noting that the bank was in talks with a European lender to receive a euro-denominated loan.
El-Etreby declined to disclose the names of the UAE banks or the European one or the value of the loan in euros.
Back in January, Banque Misr’s chairman signed a $100 million loan with China Development Bank’s (CDB) chairman Huaibang Hu at the Egyptian bank’s headquarters.
Egypt’s foreign currency reserves have fallen from $36 billion before the 25 January revolution in 2011 to $17.5 billion by the end of May 2016.
