Egypt’s EALB approves new loans for fertilisers, automotive, food firms

State-owned Egyptian Arab Land Bank (EALB) approved on Thursday 600 million Egyptian pounds ($33.6 million) in new financing for three local firms operating in fertilisers, automotive, and food sectors.

The three firms are Evergrow for Speciality Fertilizers, Auto Market Group (AMG), and International Free Trade Corporation (IFT), EALB chairman Amr Kamal told Amwal Al Ghad on Saturday.

“We are seeking to make our loans and credit facilities portfolio reach between 15 billion and 20 billion pounds in favour giant corporates, SMEs, and micro-sized projects by the end of this year,” Kamal said.

At the end of March 2018, the bank’s loans and credit facilities recorded 9 billion pounds.