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

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.