Banque Misr ne­go­ti­ates with in­ter­na­tional fund­ing in­sti­tu­tion to ob­tain new dol­lar debt: bank’s chair­per­son

The Daily News Egypt - - Front Page - By Hos­sam Mounir

Banque Misr is ne­go­ti­at­ing with one of the in­ter­na­tional bank­ing in­sti­tu­tions in or­der to ob­tain a new dol­lar loan to en­hance its liq­uid­ity of for­eign cur­rency, ac­cord­ing to Mo­hamed Ele­treby, Banque Misr’s chair­per­son.

Ele­treby re­fused to dis­close the de­tails of this loan un­til the ne­go­ti­a­tion phase is over and the loan is signed.

Banque Misr will be sign­ing a loan agree­ment for $500m with the Chi­nese De­vel­op­ment Bank (CDB) on the side­lines of the bank’s par­tic­i­pa­tion in the events of the Silk Road Con­fer­ence.

This loan will be used to fi­nance the im­port­ing from China for com­pa­nies work­ing in the Egyp­tian mar­ket.

Ele­treby has also re­vealed that Banque Misr has in­jected EGP 1.4bn into “Mashrouak” (Your Project) to fi­nance 26,000 cus­tomers, in co­op­er­a­tion with the Min­istry of Lo­cal De­vel­op­ment. Sev­eral other banks are part of the project as well, in­clud­ing the Na­tional Bank of Egypt (NBE),Banque Du Caire, the Hous­ing and De­vel­op­ment Bank (HDB), and the Egyp­tian Agri­cul­tural Bank (EAB).

Ele­treby noted that the to­tal port­fo­lio of small and medium en­ter­prises (SMEs) in the bank has reached EGP 4bn.

In re­sponse to the ques­tions about the bank’s stance from fi­nanc­ing the fur­ni­ture city in Dami­etta, Ele­treby ex­plained that the bank is ac­tu­ally con­sid­er­ing in­ject­ing about EGP 1bn to fi­nance part of the in­vest­ment costs of the project, in ad­di­tion to fi­nanc­ing buy­ers of shops in the city within the ini­tia­tive to sup­port SMEs, with a 5% in­ter­est rate.

Ele­treby stressed that the bank’s main fo­cus in the fi­nanc­ing it pro­vides is in­dus­trial and agri­cul­tural projects, stress­ing that the state’s econ­omy can only im­prove with the sup­port of those two pil­lars.

Ele­treby pointed out that the bank has pre­pared a strong ex­pan­sion plan abroad, not­ing that it has opened a rep­re­sen­ta­tive of­fice in China and is work­ing to ob­tain nec­es­sary li­cens­ing for a sim­i­lar of­fice in Rus­sia. Nec­es­sary ap­provals are also be­ing ob­tained to open of­fices in Kenya, Korea, and So­ma­lia.

Ele­treby re­vealed that the bank is launch­ing a fi­nan­cial leas­ing com­pany through share­hold­ing with the Tahya Misr fund, the Misr In­sur­ance Hold­ing Com­pany, and the Misr Fi­nan­cial Hold­ing Com­pany.

Mo­hamed Ele­treby, Banque Misr’s chair­per­son

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