Egypt’s Banque Misr mulls committing EGP20.8 billion in joint lending

Banque Misr, Egypt’s second largest bank, is studying committing 20.8 billion Egyptian pounds ($1.3 billion) in joint lending to several major sectors in the country, vice chairman Akef El Maghraby said on Tuesday.

The Egyptian bank is seeking to participate in 29 new anticipated syndicated loans totalling 67.2 billion pounds, El Maghraby told Amwal Al Ghad.

“The financing will be in favour of several sectors such as real estate investment, tourism, land transportation and transport, oil and gas, fertilisers, petrochemicals, electricity, education, automotive, and construction,” El Maghraby said.