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Bank Audi Egypt plans $1bn investments

CAIRO, January 10, 2016

Bank Audi Egypt plans to invest EGP8 billion ($1 billion) in different sectors during 2016, the bank’s deputy chairman and managing director said.

The bank will grant part of these loans on its own, while the remainder will be granted in cooperation with other banks through the syndicated loans it will arrange, Mohamed Abbas Fayed told Daily News Egypt.

In 2015, the bank signed loans worth EGP7.7 billion, he added.

The bank is about to sign an agreement within days with the European Bank for Reconstruction and Development (EBRD) for a loan that would be directed to fund the small and medium projects, Fayed was quoted as saying.

Loans portfolio directed to small and medium enterprises (SMEs) at Bank Audi Egypt currently amounts to EGP 300 million, he said, adding that a new plan aims to double the volume of loans presented to that sector several times.




Tags: investment | SME |

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