Al Baraka Bank planning EGP500mn new syndicated financing for energy and telecom projects
Al Baraka Bank Egypt is planning to pump EGP500mn (USD56.3mn) into syndicated financings for telecoms and electricity projects. This comes as part of Al Baraka Bank Egypt’s plan to expand its financing for all vital sectors, notably energy, telecommunications and pharmaceuticals, according to the bank’s CEO Ashraf El-Ghamrawy. The bank will be launching this December a new product geared to finance SMEs in Egypt, El-Ghamrawy stated further. (Amwal Al Ghad) Al Baraka Bank Egypt: EGP8.66 as of 30 October 2016, Rating: Neutral, FV: EGP9.97 per share, MCap: USD133mn, SAUD EY / SAUD.CA
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