Al Baraka Bank Egypt raises SMEs loan portfolio to EGP3bn in 2016
Al Baraka Bank Egypt CEO Ashraf al-Ghamrawy said that SMEs loan portfolio rose to c.EGP3bn at end of 2016, an increase of 58% Y-o-Y from EGP1.9bn in 2015. Ghamrawy added that the bank signed last December 2016, a EGP100mn loan with the Social Fund for Development (SFD), funded by the Islamic Development Bank (IBD), saying that the loan has been redirected to funding small projects in Egypt. (Al Mal) Al Baraka Bank Egypt: EGP12.76 as of 12 January 2017, Rating: Buy, TP: EGP12.83 per share, MCap: USD94mn, SAUD EY / SAUD.CA
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