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Monday, 24 February 2020

Banque Misr looks to borrow USD 250 mn for Africa expansion

Banque Misr eyes USD 250 mn loan for SME finance: Banque Misr is in talks with two unnamed international institutions for a USD 250 mn loan to increase its SME financing in Egypt, Chairman Mohamed El Etreby tells Bloomberg. The bank recently signed an agreement with the European Investment Bank to double its SMEs financing credit line to EUR 1 bn. Banque Misr is also expecting a boost in liquidity from the sale of a 45% stake of Banque du Caire in 1H2020 as part of the state privatization program.

Africa expansion plans coming along: Egypt’s second-largest state-owned bank is also moving ahead with its plans to expand its presence in Africa, which will see it opening either branches or representation offices in Somalia, Kenya, and Djibouti. El Etreby had said in November that Banque Misr received approval from the Central Bank of Egypt to set up rep offices in Somalia, Kenya, and Tanzania.

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