Egypt to borrow $750m from international banks

Egypt’s state-owned Banque Misr seeks to borrow $750 million from international banks and institutions over the current financial year 2018-19, the bank’s vice chairman, Akef Al-Maghraby, announced yesterday.

The country’s financial year begins in early July and lasts until the end of June of the following year.

Al-Maghraby noted that the bank’s loan and international agreements portfolio amounts to $4.16 billion. He did not provide further details about the international lenders.

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In June 2017, Banque Misr signed a three-year $200 million loan agreement with the African Export-Import Bank (Afreximbank) to fund small and medium-sized enterprises.

Banque Misr, the second largest government-owned bank in Egypt, had also borrowed $500 million from the China Development Bank under an eight-year loan agreement. In February 2017, the bank signed a $250 million loan agreement with the Zurich-based Credit Suisse and borrowed $50 million from Abu Dhabi Islamic Bank.