ICEC

Misr Iran bank to inject 500 million pounds in energy sector

Egypt’s Misr Iran Development Bank (MIDB) intends to inject 500 million Egyptian pounds ($28 million) in the energy sector specially the petroleum and electricity sectors.

A source with knowledge said that the bank seeks to pump 1.5 billion pounds in its loans portfolio that currently registered 6.5 billion pounds during 2018.

on the other hand, the SMEs portfolio has increased to 2 billion pounds in March 2018 compared to 1.5 billion pounds in 2017.

The bank has achieved net profit of 445 million Egyptian pound during 2017, seeking growth rates by 20 percent during the current year.

Founded in 1975, Misr Iran Development Bank has current shareholding comprising Egyptian government through the National Investment Bank (29.93 percent), private-public Misr Insurance Company (16.06 percent), Misr Life Insurance (13.87 percent), and Tehran-based state-run Iran Foreign Investment Company (40.14 percent).

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