Bahrain’s Al Baraka Banking provides $500 mln to fund trade in Egypt

Bahraini Islamic lender Al Baraka Group has pumped $500 million in loan facilities into the Egyptian market designated to finance foreign trade, an official said Sunday.

“The facilities provided were distributed as $400 million for banks operating in Egypt and $100 million for Al Baraka Bank Egypt.” Al Baraka Group’s chief executive Adnan Yousif told Amwal Al Ghad.

“The group has been always supporting the Egyptian market in terms of injecting new facilities or boosting our geographical presence in the country.” Yousif said.

Al Baraka Bank Egypt aims to boost its network of branches to reach 50 in 2020 and build a new headquarters at the country’s anticipated administrative capital on a space of 12,000 metres, the banking official said.