Banque Du Caire mulls financing some of Economic Conference’s Projects

Banque Du Caire is studying possibilities of funding projects that have been presented during Egypt Economic Development Conference (EEDC), vice chairman Mohamed Taha announced Monday.

Egypt’s third biggest state-owned bank will be focusing in the coming period on the EEDC’s projects related to Suez Canal Corridor development, communications and energy sectors, notably the electricity and petroleum, the banking official said in an exclusive statements to Amwal Al Ghad.

Moreover, Taha noted that the bank is in ongoing talks with international financial institutions, so as to have a funding package for the SME sector. Yet, he refused to reveal the names of those institutions until the negotiations are settled.

Egypt Economic Development Conference had taken place on March 13-15, in the resort of Sharm El-Sheikh.

Egypt has signed deals worth a total of $38.2 billion, besides the $12.5 billion pledged by Gulf leaders, during the economic conference, Egyptian Minister of Investment Ashraf Salman said at a presser on Sunday.

The sum includes investment deals worth $33 billion and European aid and grants amounting to $5.2 billion, said Salman.

Announced investments were concentrated in the oil and gas sector and power generation sectors. The largest deal was signed with British Petroleum, which committed $12 billion to develop gas resources and condensates to develop gas resources and condensates in the West Nile Delta over four years.