Banque Misr in talks for USD600mn international borrowing
Banque Misr is in negotiations with global institutions in China and Europe to obtain new financing of USD600mn in order to boost foreign liquidity, according to the chairman of the bank Mohamed El-Etreby. El-Etriby said that Banque Misr is in talks with African Development Bank, European Bank for Reconstruction and Development (EBRD) and some Chinese funders, adding negotiations would expectedly be concluded within the next few months. The senior banker pointed out that Banque Misr received USD80mn remaining financing from the USD250mn the bank has signed with Credit Suisse. In last December, Banque Misr announced signing a memorandum of understanding with China’s Industrial and Commercial Bank to borrow USD500mn with the guarantee of China Export and Credit Insurance Corporation (Sinosure) to finance external trade transactions. Meanwhile, the Chairman of Banque Misr said that the lender has raised USD1.7bn through dollar purchase from holders since the EGP floatation.
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