Egypt’s AAIB bank negotiating $110 million loans from EBRD, SANAD Fund

Egypt’s Arab African International Bank (AAIB) is currently negotiating loans worth $110 million with two international financial institutions to boost its liquidity of foreign currency.

The Egyptian bank is in talks to secure around $60 million loan from the European Bank for Reconstruction and Development (EBRD), a banking source with knowledge told Amwal Al Ghad on Sunday.

AAIB also seeks to borrow $50 million from the SANAD Fund for MSMEs, part of the German state-run Kfw Development Bank, the source added.

Earlier this year, the AAIB bank signed a $100 million loan with the International Finance Corporation (IFC).

Nevine Sabbour, AAIB’s deputy managing director, told Amwal Al Ghad on Saturday, that her bank is in talks to secure dollar-dominated loans from some international financial institutions, including the EBRD.

The loans are to support AAIB’s balance sheet, Sabbour added.

Several banks in Egypt had recently secured dollar-dominated loans from international financial institutions to bolster foreign currency liquidity.

Below the list of banks in Egypt that secured foreign loans.