Bank Audi plans $1bn investments in Egypt

Bank Audi Egypt is planning to invest 8 billion Egyptian pounds ($1 billion) in different sectors during 2016, the bank’s deputy chairman and managing director said.

The bank will grant part of these loans on its own, while the remainder will be granted in cooperation with other banks through the syndicated loans it will arrange, Mohamed Abbas Fayed told Daily News Egypt.

In 2015, the bank signed loans worth 7.7 billion pounds, he added.

The bank is about to sign an agreement within days with the European Bank for Reconstruction and Development (EBRD) for a loan that would be directed to fund the small and medium projects, Fayed was quoted as saying.

Loans portfolio directed to small and medium enterprises (SMEs) at Bank Audi Egypt currently amounts to 300 million pounds, he said, adding that a new plan aims to double the volume of loans presented to that sector several times.