Misr Iran Bank To Offer EGP 1 Bln Loans In 2013

Misr Iran Development Bank plans to increase loan portfolio to EGP 5 billion by the end of 2013, up from EGP 44 billion at the end of 2012.

Sources said the bank targets to finance power, industrial, pharmaceutical and food industries sectors, expecting the Egyptian market to boom in next year which accordingly will increase banks’ loan portfolios.

The bank is set to contribute EGP 150 million to the EGP 510 million loan arranged for El Marakby for Metallic Industries.

Sources revealed that the bank withdrew from a consortium arranging a EGP 1.07 billion loan for the Egyptian Steel Group because the loan has a term of seven years and the bank does not want to finance long-term loans in the current period.