Banque Misr in talks with EIB, Afreximbank for $700 million funding

Banque Misr, Egypt’s second largest state lender, is negotiating a $700 million loan from the European Investment Bank (EIB) and the African Export-Import Bank (Afreximbank), the Egyptian bank’s vice chairman announced Wednesday.

Akef El Maghraby further said the funds are designated for trade finance business and small and medium-sized projects.

Banque Misr has collected $1.750 billion since the floatation of the local currency on November 3rd, El Maghraby added.

The Central Bank of Egypt (CBE) decided earlier in November to float the Egyptian pound and raise key interest rates as part of a set of reforms aimed at alleviating the dollar shortage, eradicating the black market, and stabilising the country’s flagging economy.