Tuesday , May 17 2022

Egypt's second largest bank is trying to borrow $ 550 million


Egyptian banks continue to expand their foreign loans as vice president of Egypt's second largest bank, Akef Al Maghraba, and on Sunday, the bank asked for a $ 550 million loan from abroad before the end of 2018 to raise dollar liquidity.

The loan portfolio of Banque Misr and external agreements are about $ 4.16 billion, Moroccan says in May.

Al-Maghrabi told Reuters that Emirates NBD and Citibank Sidran are creditors.

In August, Moroccan banks said the bank wanted to borrow $ 750 million from international banks and institutions in the fiscal year 2018-2019.

On 16 September, China Development Bank agreed to discuss the availability of dollar instruments for Bank Misr on the outskirts of the China-Africa Forum, which took place in Beijing, China, on 3 and 4 September. Let the parties allow and estimate the value of the funding that Bank Misr wants to obtain.

In the past months, Egyptian banks have expanded their foreign borrowing by more than three banks by a total of $ 1 billion. Among the best debtors are the three largest state banks – Egypt, Egypt and Cairo. The borrowing process was not limited to government banks, but other banks, including Egypt for export development, joined them.

According to data, the foreign bank balance of Egypt's banking sector has increased by 232% in the last four years, reaching USD 5.3 billion at the end of March 2018, compared with 1.6 billion at the end of 2013.

On Aug. 26, the chief of the Egyptian National Bank, Egypt's largest public bank, Yahia Abul Fotouh, announced that the bank had negotiated US $ 1 billion in US dollar loans from financial institutions and international banks during the current financial year 2018/2019.

Also on September 5, the National Bank of Egypt and the China Development Bank signed a $ 600 million loan to finance the working capital of Ahli Bank's customers.

At the end of July last year, the Bank signed a loan of 375 million euros ($ 435 million) to finance SMEs in the country and another $ 200 million from the African Bank for Import and Export. May 27.

Egyptian President Abdul Fatt al-Sisi's government has decided that the ship will be payable on November 3, 2016. This step was accompanied by a rapid increase in hard currency borrowing from abroad with a devaluing national currency and the country's need to recover the central bank's foreign exchange reserves.

Tariq Fayed, president of Banque du Caire, Egypt's third largest bank, said on September 23 that his bank had requested a loan from $ 50 million to $ 100 million from international banks and institutions by the end of this year. Which bank is negotiating to borrow.

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