ABC To Investigate Funding Suez Canal Projects: CEO

A high-level Arab Banking Corporation (ABC) delegation will visit Egypt Tuesday to investigate funding some projects proposed during the Economic Summit, according to Akram Tinawi, ABC’s CEO in Egypt.

After his participation at the “People and Banks” conference held last Thursday, Tinawi told Daily News Egypt the ABC Group will hold an early workshop once it arrives to Cairo. The workshop will look into projects that will be funded, whether through its headquarters in Bahrain or through its branches, especially the ones located in Egypt and London.

According to Tinawi, electricity, the petroleum and alternative energy sectors are so important to Egypt in the meantime, so their projects are on top of ABC’s priorities.

“Eight to ten projects will be selected to be marketed through syndicated loans or international promotions thanks to ABC’s strong presence in most of the Arab region,” said Tinawi.

He concluded that the bank targets the increase of the loans portfolio to EGP 3.5bn this year instead of EGP 2.1bn last year. It will also increase its deposits portfolio to EGP 7.2bn by the end of 2015, compared to EGP 6.1bn in 2014.

Source: Daily News Egypt