Banque Misr seeks to arrange syndicated loans worth EGP 29.7bn for major economic sectors

Daily News Egypt
2 Min Read
Banque Misr branch

Banque Misr is currently seeking to seal a number of major financing operations in many sectors, including the electricity, construction materials, marine and river transport, fertilisers, telecommunications, contracting, and other economic sectors.

The value of these loans is estimated to be EGP 29.7bn. The value of Banque Misr’s expected coverage in them is estimated to be EGP 7.5bn.

According to a report issued by the bank, the organisation of these loans comes in light of the intensified marketing plans created to attract clients and new funding operations. They are also part of the bank’s commitment to implementing its strategic and development goals with the aim of supporting the national economy in all fields and sectors.

Banque Misr increased its share of the syndicated loan organised for the Egyptian Chemical Industries Company (KIMA) to reach EGP 532.415m and $52.754m.

The bank is the main organiser of that loan, in cooperation with the National Bank of Egypt (NBE) and the Arab African International Bank (AAIB). The loan aims to support the ammonia and urea production project, KIMA 2, using natural gas.

Banuqe Misr ranked first among 20 Egyptian banks in terms of marketing and organising syndicated loans as well as funding projects in the Middle East and North Africa, according to a 2017 Bloomberg evaluation.

The bank also received an award for being the best bank in terms of financing projects in Africa in 2016, for the second year in a row, by EMEA Finance.

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