Egypt’s AAIB bank negotiating dollar loan from EBRD

Egypt’s Arab African International Bank (AAIB) is negotiating dollar-dominated loans from some international financial institutions, including the European Bank for Reconstruction and Development (EBRD).

The loans are to support the Egyptian bank’s balance sheet, AAIB’s deputy managing director Nevine Sabbour told Amwal Al Ghad on Saturday.

AAIB has recently signed a $100 million loan agreement with the International Finance Corporation (IFC), Sabbour added.

The loans will not also go for raising AAIB’s capital, which currently amounts to $100 million, the banking official said, referring that the bank’s capital base is worth around $1.6 billion.

Arab African International, which has assets of about $13 billion, was set up in 1964 as a joint venture between the Central Bank of Egypt and sovereign wealth fund Kuwait Investment Authority, with each party holding a 49.37 percent stake in the lender.