Barclays Egypt pumps $157mln in Corporate Investments in 5 Months

Barclays Egypt has pumped more than EGP1.2 billion (US$ 157.2 million) for corporate within the first five months of 2015, Amr El Shafei- Head of Corporate Banking- said on Thursday.

The pumped volume includes direct credit or participating in joint financing, the banking official clarified.

He stated that corporate credit portfolio has recorded EGP 5.027 billion compared to EGP 3.7 billion at the end of 2014.

El Shafei pointed out that the bank aimed to pump around EGP 2 billion for corporate in 2015 and the plan is working with rates higher than what was expected.

The official elaborated that Barclays Egypt has submitted an offer, alongside with other banks, to arrange loan for Dubai’s Majid Al Futtaim worth EGP 2.3 billion has not reached any agreements yet

Majid Al Futtaim will allocate the loan to fund its investments.

Moreover, El Shafei added that Barclays Egypt is currently studying to participate in other joint loans in power sector.