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Thursday, 6 April 2017

Banque Misr in talks to borrow USD 700 mn from international institutions

Banque Misr is in negotiations for USD 700 mn in funding to support its foreign currency liquidity, vice Chairman Akef El Maghraby told Al Mal. Banque Misr is in talks with Afrexim Bank for a USD 200 mn loan and USD 500 mn from the European Investment Bank. El Maghraby expects an agreement with Afrexim Bank will be finalised this month. Fitch Rating had expressed concerns over Egyptian banks’ capitalization because of their exposure of foreign currency loans, an expected they could resort to subordinated loans. The central bank has issued the criteria for banks to recognize international loans as part of their capital base in January.

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