Banque Misr to sign $500 mln EIB loan deal next month

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Egypt’s second largest bank, state-owned Banque Misr says it will sign a $500 million financing agreement with the European Investment Bank (EIB) by next month.

The EIB loan will go for financing small and medium-sized businesses as well as trade activities in Egypt, Banque Misr’s vice chairman Akef El Maghraby told Amwal Al Ghad on Monday.

The Egyptian bank signed last June a $200 million financing facility agreement with the African Export-Import Bank (Afreximbank) designated to finance small and medium-sized projects in the country.