United Bank of Egypt studies pumping $112.6 mln into syndicated loans

Egypt’s state-run United Bank is studying contributions worth around 1 billion Egyptian pounds ($112.6 million) to upcoming syndicated loans, its chairman announced Tuesday.

Ashraf El Kady further said his bank plans to pump finances into several vital sectors in the country, notably the new and renewable energy.

Deposits in the United Bank of Egypt account for around 22 billion Egyptian pounds ($2.5 billion); while loans stand at 5 billion pounds, the banking official added.

The Central Bank of Egypt owns 99.9 percent of the United Bank.

United Bank also plans to boost its market share in the country to 3 percent within 2019, El Kady revealed earlier this month.