Al Baraka Bank secures US$127.8mn for Suez Canal mega projects

Al Baraka Bank – Egypt part of the Bahraini Al Baraka Group, plans to pump one billion Egyptian pounds (US$127.8 million) into mega projects in the country, including the development of Suez Canal.

According to Ashraf El Ghamrawy – CEO of Al Baraka Bank Egypt, the bank intends to invest in the Suez Canal Corridor Area as well as East Port Said (Tafreeaa) Port projects.

The Suez Canal Corridor Area Project is a mega project in Egypt that was launched on 5 August 2014 by President Abdel Fattah al-Sisi. The project’s aim is to increase the role of the Suez Canal region in international trading and to develop the three canal cities: Suez, Ismailia, and Port Said. It is planned within the scheme are estimated to come up with about more than one million jobs through 42 projects, until the year 2052.

Speaking to Amwal Al Ghad, the banking official also said Al Baraka Bank Egypt had allocated around 250 million Egyptian pounds to invest in one of the logistics projects in Suez Canal, yet he decline to mention its name until an agreement is reached.