Banque Du Caire Declines Contribution To Loan For UEEPC

Banque Du Caire stated that it will not arrange nor manage the EGP 4.8 million loan which will be offered to Upper Egypt Electricity Production Company.

Banque Du Caire was studying to join a consortium composed of National Bank of Egypt and Banque Misr to contribute about EGP 450 million to the loan. However, the bank has come close to the lending maximum limit determined for the electricity sector, sources said. Therefore, the bank said it will not contribute to the loan.

Banque Du Caire’s portfolio of corporate loans surged to EGP 11.6 billion at the end of last June, compared to EGP 10.3 billion at the end of June 2011, with an increase of EGP 1.3 billion. The bank targets to inject more than EGP 500 million to the corporate loan portfolio before the end of 2012, sources added.