On Thursday corresponding to 5 April 2018, Banque Misr in collaboration with five other Egyptian Banks, has signed a co-financing agreement to increase the amount of financing provided to the Egyptian Chemical Industries Company "KIMA". Upon signing the agreement, the percentage of Banks contribution has increased from 51.2% to 61.8% , this agreement aims at financing Ammonia and Urea production with Natural Gas Project. Further, Banque Misr share of this co-financing has reached up to 532.415 Million EGP and 52.754 USD. Also, it is worth mentioning that Banque Misr in cooperation with the National Bank of Egypt and Arab African International Bank is playing the role of the lead arranger of this co-financing process.
Further, the financing agreement has been signed under the auspices of Mr. Khaled Badawy the Minister of Public Business Sector, and in the presence of Mr. Mohamed El-Etreby – Chairman of Banque Misr and the Vice Chairman Mr. Akef El-Maghraby as well as the heads of the other five Egyptian Banks participating in this agreement. Also, both of Mr. Emad El-Din Mostafa – the Chairman of Chemical industries Holding Company and Eng. Eid El-Hoot – the Chairman of the Egyptian Chemical Industries Company "KIMA" have been present during signing the co-financing agreement, besides the teamwork members of the executive sectors in both companies and in the financing banks have attended the agreement signing.
This deal is considered one the largest co-financing deals offered by the Egyptian Banks to the Public Business Sector, and this highlights the Local Financing institutions strong faith in the economic importance of these huge business projects. That is to say; this project that targets providing Nitrogenous (Azotobacter) fertilizers and producing about 1600 tons of Urea and 1200 tons of Ammonia, is playing a great role in providing thousands of direct and indirect employment opportunities for upper Egypt inhabitants aiming at achieving comprehensive development in Upper Egypt. And by the end of April 2018, it is determined that the Italian Company – Tecnimont will complete the implementation of approximately 85% of the project total works and will proceed with the project pilot operation by the end of the current year.
Moreover, according to Bloomberg Global Top 20 Banks in 2017 list; Banque Misr has been ranked among the top Egyptian Banks in marketing, arranging syndicated loans and in funding projects all over the Middle East and North Africa. Banque Misr as well has been recognized by EMEA Finance Institution as the Best Bank in financing Projects all over the African Continent in 2016, EMEA Finance Institution is considered one of the most significant Global Financial and Banking Institutions all over the world.
In the light of the intensive marketing plans adopted by Banque Misr in order to attract customers and new financing projects, and in the context of the Bank's commitment to implement its Strategic and Developmental objectives for the sake of supporting the National Economy all over the various fields and sectors, Banque Misr nowadays endeavors to fulfill and complete a number of huge financing projects targeted and under examination in several sectors such as (Electricity, Building Materials, Maritime Transport, Fertilizers, Contracting, and etc…). The amount of these projects reaches up to approximately 29.7 Billion EGP, and Banque Misr insurance coverage in these projects amounts approximately 7.5 Billion EGP, therefore Banque Misr is always keen on maintaining its role as one of the leading Egyptian National Banks within the Egyptian Banking Market.