Bank ABC may inject $100 mln in Egyptian electricity sector loan

ABC Bank Egypt says it may contribute $100 million, in cooperation with its parent Bank ABC, to an anticipated joint loan scheme being arranged by HSBC.

The loan will go for supporting Egypt’s electricity sector, said ABC Bank Egypt’s chief executive Akram Tinawi on Tuesday.

ABC Bank Egypt’s loans and credit facilities fell to 3.9 billion Egyptian pounds ($220.3 million) at the end of 2017, from 4.2 billion pounds, Tinawi said, attributing to the decrease to the bank’s recent focus on funding small and medium-sized industries.