Egypt’s Export Development Bank studies new funds of EGP1bln

Egypt’s Export Development Bank is currently studying a number of new syndicated and corporate financing requests totalling more than one billion Egyptian pounds ($57.6 million), Deputy Chairperson Ahmed Galal said on Wednesday.

Galal further told Amwal Al Ghad that the bank seeks to expand in the agriculture and industrial sector in order to encourage export, referring that the export portfolio represents 70 percent of the total bank’s portfolio.

The bank has lately pumped a sum of 200 million Egyptian pounds as part of syndicated loan to Samcrete Egypt.

The SMEs portfolio represents 18 percent of the bank’s credit portfolio recording 4.3 billion Egyptian pounds, he added.

On the other hand, EBE aims at financing three clients with total amount of $40 million as part of the deal that was signed with African Export–Import Bank (Afreximbank). The deal is with total value of $500 million to support the Egyptian companies investments and exports to the African countries.