Cairo – Mubasher: Banque Misr is in “advanced talks” with international lenders to secure funding worth $650 million, chairman Mohamed El-Etreby told Bloomberg.
The state-run bank is expected to ink the deals with lenders by March, El-Etreby added.
The bank has also obtained the Central Bank of Egypt’s (CBE) approval to inaugurate representative offices in Italy, South Korea, and Kenya in 2018, he highlighted, pointing out that it is awaiting approval from authorities in those countries.
Egypt’s second-largest state bank is planning to issue international bonds, but it will not be issued so soon, El-Etreby said, noting “We are relying on loans from international institutions.”
He also added that the bank has secured an EUR 250 million loan from the European Investment Bank (EIB) to bolster small-and-medium enterprises (SMEs), which are “ready for use”.
The bank also signed a $75 million loan deal with the European Bank for Reconstruction and Development (EBRD) in November to support SMEs, in addition to a $50 million loan with the Arab Bank for Economic Development in Africa (BADEA), according to the news agency.
Additionally, Banque Misr is also in advanced talks with the EBRD for a $50 million loan for trade, which is expected to be signed next February, El-Etreby said.
