Al Baraka Bank Egypt to pump $38m in power, petroleum sectors

Al Baraka Bank Egypt is studying injecting funds worth 300 million Egyptian pounds (US$38.2 million) in power and petroleum sectors within the upcoming period, chief executive Ashraf El-Ghamrawy said Sunday.

El-Ghamrawy told Amwal Al Ghad that the bank targets pumping one billion pounds in Suez Canal Axis Development Project and East Port Said Port.

East Port Said Port is located east of the Northern entrance of the Suez Canal.

Suez Canal Axis Development Project aims at developing more than 70,000 square meters on Suez Canal’s sides. Its schedule encompasses several phases till 2052.

The project targets establishing 42 projects by which more than one million job opportunities will be provided.

El- Ghamrawy added that Al Baraka Bank has allocated around 250 million pounds to participate in one of the logistics projects in Suez Canal region. The official refused to announce more details about the project.

Moreover, Al Baraka Bank Egypt’s total volume of Murabaha, Mudaraba and Musharka for customers reached around 8.534 billion pounds at the end of June 2015 versus 8.462 billion pounds at the end of 2014.