Al Baraka Egypt To Increase Corporate Finances To EGP 8 Bln In 2013

Al Baraka Bank of Egypt targets to raise corporate finance by 15% to reach EGP 8 billion by the end of 2013, compared to EGP 7 billion in 2012.

Sources said the bank targets to expand in financing commerce, food industries, fertilizers, communications, gas, industry and petrochemicals sectors.

The bank considers to inject EGP 310 million into three syndicated loans arranged for Al Futtaim Group, Egyptian Company for Ethylene and El Marakby for Metallic Industries.

The bank plans to contribute EGP 100 million to a loan for Al Futtaim Group, US$ 25 million to a loan for the Egyptian Company for Ethylene and EGP 50 million to a loan for El Marakby for Metallic Industries.

Sources revealed that the bank contributed EGP 75 million to the first Mudaraba Islamic syndicated loan for the East Delta Electricity Production Company which is worth US$ 110 million.

Al Baraka Bank of Egypt achieved profit of EGP 135.7 million at the end of 2012, and targets to register a growth rate of 20% this year.