AL Baraka Bank Egypt plans $64mn for energy sector in 2016

Al Baraka Bank Egypt is planning to inject 500 million Egyptian pounds (US$63.8 million) as funds for energy sector during 2016,  chief executive Ashraf El-Ghamrawy told Amwal Al Ghad Tuesday.

The bank is currently promoting finances to be pumped into electricity and oil sectors, the official stated,  adding that power sector is one of the vital sectors that bring good return to the banks.

The total volume of Musharaka, Murabaha and Mudaraba of Al Baraka bank’s clients reached around 9.277 billion pounds at the end of 2015 opposed to 8.462 billion pounds at the end of 2014.

The bank has achieved net profit estimated at 265 million pounds in 2015 with the growth of 18 percent compared to the correspondent period, El-Ghamrawy noted  .

Al Baraka Bank Egypt targets pumping one billion Egyptian pounds among the initiative of President Abdel Fattah al-Sisi and the Central Bank of Egypt (CBE) to enhance Small and Medium-sized Enterprises (SMEs).