Banque Misr negotiating $500 million loans from Credit Suisse, ADIB

Egypt’s second biggest bank, state-owned Banque Misr is negotiating $500 million agreements with Credit Suisse Group and Abu Dhabi Islamic Bank (ADIB), vice chairman Akef El Maghraby said Monday.

The loans aim to boost the bank’s dollar liquidity to fill clients’ needs, El Maghraby further told Amwal Al Ghad.

Banque Misr signed a week earlier a memorandum of understanding with the Industrial and Commercial Bank of China (ICBC) for a $500 million loan, aimed at boosting dollar liquidity and financing joint Egyptian-Chinese projects.

The bank also signed a framework agreement worth $500 million with the China Export and Credit Insurance Corporation (SINOSURE), a state-funded insurance company that promotes China’s foreign trade and economic cooperation.

It has also signed a framework agreement worth $500 million with the China Export and Credit Insurance Corporation (SINOSURE), a state-funded insurance company that promotes China’s foreign trade and economic cooperation.

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