Egypt’s Al Baraka Bank may borrow $55mln from IFC

By Sama Mousa On Aug 2, 2023

Al Baraka Bank is considering borrowing a loan of $55 million from the International Finance Corporation (IFC) to support local and women-owned micro, small and medium size enterprises (MSMEs), IFC said on Tuesday.

The loan is to be divided on a one-year Working Capital Structure (WCS) for up to $50 million to be renewed twice with a total term of 36 months.

Moreover, there will be a trade finance facility of up to $5 million to Al Baraka Bank Egypt, however, the matter is still under study and there has not been an agreement yet.

Al Baraka Bank was established in 1980 and it offers retail, corporate, treasury, and investment banking services, applied in accordance with the principles of the Islamic Sharia.

The bank contributes to financing small and medium enterprises (SMEs).

Al Baraka Bank Egypt Al Baraka Bank of Egypt Al Baraka Banking Group Al-Baraka Bank.International Finance Corporation (IFC)Islamic Shari’a MSMEs Small and Medium Enterprises (SMEs)