Egypt’s Banque du Caire in talks for Kuwait fund’s $30 mln loan

Egypt’s third biggest public lender, Banque Du Caire is close to securing a foreign loan from the Kuwait Fund for Arab Economic Development worth $30 million according to an insightful source.

The source told Amwal Al Ghad that the new loan will be directed to small and medium enterprises, expecting that the bank would sign the deal by the end of the first half of 2019.

In addition, the bank seeks to secure funds of $50 million to support SMEs during 2019, the source added.

Banque Du Caire results during the first 9 months of this year show  achieving profits before taxes of 3.2 billion Egyptian pounds pounds, compared to 2.3 billion pounds during the same period in 2017, as net profit rose after tax amounted to 2 billion pounds, compared to 1.3 billion pounds during the same period in 2017.