Egyptian Raya Holding’s unit in talks over $30.1 mln loans

Aman for Microfinance, owned by Egypt’s Raya Holding For Financial Investments, seeks to borrow 500 million Egyptian pounds ($30.1 million) from five banks.

The Egyptian firm is currently negotiating with Commercial International Bank (CIB), Suez Canal Bank, Attijariwafa Bank, Blom Bank – Egypt, and the United Bank to borrow 100 million pounds from each lender, its chief financial officer Ayman Bassiouny said on Sunday.

During the first half of the current year, Aman obtained loans worth 500 million pounds from seven banks, Bassiouny added.

Earlier in June, Egypt’s Financial Regulatory Authority (FRA) approved Aman’s request to collect loan installments from its clients online.

Customers can repay loans’ installments through Aman’s 40,000 “PoS” machines spread across Egypt, Ahmed El Khatib, the general manager (GM) and managing director (MD) of Aman for Microfinance, said.

Since the beginning of 2019, the company’s financing portfolio has reached 250 million pounds.