Al Baraka Bank planning new joint financing for power, telecoms projects in Egypt

Al Baraka Bank Egypt, part of Bahraini Al Baraka Banking Group, is planning to pump 500 million Egyptian pounds ($56.3 million) into joint financings for telecoms and electricity projects.

This comes as part of Al Baraka Bank Egypt’s scheme to expand its financings for all vital sectors, notably energy, telecommunications, and pharmaceuticals, he bank’s chief executive Ashraf El-Ghamrawy told Amwal Al Ghad on Sunday.

The bank will be launching this December a new product geared to finance small and medium-sized businesses in Egypt, El-Ghamrawy said.