Al Baraka Egypt unit inks projects deal
Manama, August 17, 2012
Bahrain-based Al Baraka Banking Group's Egyptian subsidiary has signed a contract with the World Bank to finance around 4,400 projects in Egypt.
The deal is worth 200 million Egyptian pounds ($33 million) and is divided equally between the Social Fund for Dev-elopment through funding from the World Bank and Al Baraka Bank Egypt.
'It is expected to provide job opportunities to more than 22,000 people,' Al Baraka Bank Egypt vice-chairman and chief executive Ashraf Ghamrawy said.
The money will be directed to finance new and existing small projects and support development, expansion, replacement and renewal.
The projects focus on providing permanent and temporary jobs, which help boost production and raise income for broad segments of Egypt's recovering economy, Al Baraka Banking Group president and chief executive Adnan Ahmed Yousif said.
The fund will finance medical centres, clinics, pharmacies and medical staff.-TradeArabia News Service