ICEC

Egypt’s Banque du Caire in advanced talks for $30 mln loan

Egyptian state-run lender Banque du Caire is in advanced talks with a regional financial institution for a $30 million loan to boost its foreign currency resources, its chairman said on Tuesday.

The bank is seeking to secure foreign loans ranging between $50 million and $100 million within the first quarter of 2019, Tarek Fayed told Amwal Al Ghad on the sidelines of the Egyptian Third Annual Leasing Conference.

“We are targeting profits worth 2.5 billion Egyptian pounds ($139.6 million) by the end of 2018,” Fayed said.

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