Al Baraka Bank earmarks $112.6 mln for energy, Suez Canal projects in 2016

Al Baraka Bank Egypt, part of Bahraini Al Baraka Banking Group, is planning to pump one billion Egyptian pounds ($112.6 million) into vital projects, its chief executive said Sunday.

The money will go for energy businesses in addition to projects in the high-profile Suez Canal development axis, Ashraf El-Ghamrawy, chairman of Al Baraka Bank Egypt, told Amwal Al Ghad.

Al Baraka Bank Egypt intends to take part in financing all the anticipated projects in Suez Canal axis in addition to energy projects with economic feasibility, Ghamrawy said.

The bank reported a first half net profit worth 255.390 million pounds, up from 140.291 million pounds in the first half of 2015.

Deposits surged to 29.578 billion pounds by the end of June 2016, compared to 25.351 billion pounds by the end of December 2015.