Banque Misr looking to borrow USD100mn from UAE bank
Banque Misr and a UAE-based bank are negotiating a USD100mn loan to improve foreign currency liquidity, finance the bank's investment spending, and support clients' strategic needs, Chairman said adding that the bank aims to expand in the GCC including Bahrain and Yemen. The details of the loan - including interest rate and maturity - will be finalised next week, he noted. The bank has thus far collected USD50mn from the Belady dollar certificates, mostly subscribed by Egyptians living in Arab countries, he added. (Al Masry Al Youm).
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