Banque Misr negotiates $500 million loan from EIB

CAIRO – 29 April 2017: Banque Misr is negotiating a $500 million loan from the European Investment Bank (EIB) to fund small- and medium-sized enterprises and increase the bank’s dollar reserves, Banque Misr’s Vice Chairman Akef El Maghraby said Saturday.

The loan request will be submitted to the EIB board of directors in June 2017, Maghraby told Egypt Today.

Banque Misr recently signed a five-year $100 million loan deal with China Development Bank (CDB) in order to finance the small- and medium-sized enterprises of Banque Misr’s clients.

Meanwhile, negotiations are underway between the two banks to ink another eight-year $500 million loan deal.