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Banque du Caire conducts study of EGP 1.5bn investment - Daily News Egypt

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Banque du Caire conducts study of EGP 1.5bn investment

The bank invested EGP 1.4bn in projects related to electricity, housing, food industries, says El-Zahid


Banque du Caire has begun studying the factors that would allow the bank to invest EGP 1.5bn in transportation infrastructure, logistics, construction, industry and primary commodities.

According to Banque du Caire Chairman and CEO Mounir El-Zahid, the bank worked in concert with the government’s national development plans to devote more than EGP 1.4bn to projects in the fields of electricity, housing, and food industries.

Banque du Caire funded these projects under its strategy to expand its presence in the field of syndicated loans, given the bank’s past management experience, El-Zahid said.

Banque du Caire is the third largest financial provider in Egypt according to business volume,  branch centres, and customers.

Banque du Cairo has approximately 253 branches and units, 500 ATMs, and 3.8 million customers.

The bank contributed approximately EGP 400m to a EGP 2.1bn loan that was provided to the Egyptian Electricity Holding Company (EEHC), according to executive board member of the bank Ayman Mokhtar.

EEHC will use the loan to fund expansion of the West Cairo power plant, North Cairo power plant, and 6 October power plant.

The bank also contributed 750m to a EGP 3bn loan granted to Mortgage Finance Fund.

Mortgage Finance Fund will use the loan to pay the dues of the contractors and suppliers of the social housing project, as part of the state’s plan to provide housing units to low-income earners, for whom the Mortgage Finance Fund carries out its construction operations.

Banque du Caire contributed EGP 300m to a EGP 2.5bn loan granted to the Holding Company for Food Industries to fund the company’s acquisition of food commodities, according to Mokhtar.

 

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https://www.dailynewsegypt.com/2016/02/27/banque-du-caire-conducts-study-of-egp-1-5bn-investment/
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