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Wednesday, 22 June 2016

Banque Misr secures USD 105 mn murabaha facility from UAE banks

Banque Misr has obtained a USD 105 mn murabaha facility from three UAE banks, Chairman Mohamed El Etreby told Reuters. El Etreby said “the facility was obtained from three of the largest UAE banks, but declined disclose their names. He said the facility will strengthen Banque Misr’s foreign currency resources and will be paid back in two years.” He added that the bank is currently seeking EUR loans, AMAY reported. The National Bank of Egypt is also reportedly in negotiations with international lenders to obtain USD loans, unnamed sources said.

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