Banque du Caire pumps $178mn in Egypt’s electricity, housing, food sectors
Egypt-based Banque du Caire injects funds of 1.4 billion Egyptian pounds (US$178 million) into three vital sectors namely electricity, housing and food industries in an attempt to support the national projects that aim to achieve sustainable development rate.
Mounir el-Zahid, BDC’s chairman & chief executive officer, said that taking this step is in the frame work of the bank’s strategy and its expanding policy in joint loans field.
Furthermore, Ayman Mokhtar, executive board member, stated that the bank has provided 400 million Egyptian pounds for the Egyptian Electricity Holding Company as part of a total amount of 2.1 billion Egyptian pounds. By allocating this fund the bank is seeking to fund the expanding West Cairo power plant, North Cairo power plant and 6th of October power plant.
In addition, BDC has contributed an amount of 750 million Egyptian pounds as a part of a 3 billion Egyptian pounds-loan to Mortgage Finance Fund. The loan is dedicated to pay the contractors and suppliers carrying out the social housing scheme their dues.
On the other hand, the bank granted 300 million among 2.5 billion pounds-loan dedicated to Food Industries Holding Company to finance the company’s working capital to purchase food commodities.
Moreover, the bank seeks to pump new funds of 1.5 billion Egyptian pounds in transport and logistics sector, construction sector and industry and primary commodities sector during the upcoming phase.
