Al Baraka Bank: EGP200mn for Biggest Loan in Egypt Banking Sector

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Al Baraka Bank Egypt will pump EGP 200 million in one of the biggest loans in the Egyptian banking sector in favour of oil sector.

Ashraf El Ghamrawy – CEO of Al Baraka Bank Egypt – said his bank would contribute EGP 200 million to the syndicated loan for the state-owned Egyptian General Petroleum Corporation (EGPC), which amounts to EGP 10 billion (US$1.4 billion).

For the EGPC’s loan, 11 banks are contributing EGP 10 billion to the syndicated finance’s total value, with the aim of funding the state-owned Misr Petroleum and Petroleum Cooperative Society Co. (CO-OP).

Moreover, El Ghamrawy also told Amwal Al Ghad about Al Baraka Bank’s 2015 plans to expand into funding Egypt’s oil, petrochemical, fertilizers and communications sectors.