Banque Misr is arranging a syndicated loan worth EGP2bn (USD225mn) to build a furniture city in Damietta, according to Mohamed El-Etreby, the bank’s chairman. Eletreby said that Banque Misr is in the process of concluding feasibility studies on Damietta Furniture City. Banque Misr signed on Monday a protocol with Damietta Furniture City Company to provide EGP1.5bn to finance small craftsmen in the city, at a 5% interest rate within one year. Damietta Furniture City is an Integrated project with a total area of 1.4mn sqm for the development of the furniture industry, including industrial parks, exhibitions and administrative and hotel buildings. (Amwal Al Ghad)