Banque Misr, ADIB to sign $150 bln loan in Q1

Egypt’s second largest state-owned lender, Banque Misr is planning to sign a loan worth $150 million with Abu Dhabi Islamic Bank-Egypt (ADIB) within the second quarter of financial year 2016/2017.

Mohamed El-Etreby, Banque Misr’s Chairman, told Amwal Al Ghad Sunday that his bank aims to boost its dollar liquidity in line with the country’s growing cooperation with international financial institutions.

Banque Misr signed credit facilities estimated at US$1 billion with Industrial and Commercial Bank of China (ICBC) and Chinese Export and Credit Insurance Corporation Company- Sinosure to guarantee exports, added El-Etreby.