Intesa Sanpaolo secures €110m for Egypt in 2016

Intesa Sanpaolo-Dubai hub Bank has secured €110 million in financing for Egypt throughtout 2016, said head of Mideast, Africa, and Turkey on Monday.

Marco Trevisan further said the money was provided through Intesa Sanpaolo’s unit AlexBank.

The money went for a syndicated loan in favour of the state-run Egyptian Electricity Holding Company, he added.

Intesa Sanpaolo has achieved a 60 percent y-o-y rise in returns in the Middle East hub throughout the year, the banking official said on sidelines of a press conference in Dubai.

For Intesa Sanpaolo, the Middle East is one of the fastest-growing, most profitable, and highest return on equity rights markets.

Intesa Sanpaolo Group held Monday a press conference in Dubai to unveil its strategy in the Middle East as well as its future plans for the upcoming period.