Chairman of Banque Misr Mr. Mohamed Eletreby signed two loan agreements with the European Investment Bank (EIB) and the Arab Bank for Economic Development in Africa (BADEA) worth $50 million.
The agreements were signed to consolidate Banque Misr's foreign currency resources. The signing took place on the sidelines of the Africa 2017 conference that was held under the auspices and in the presence of President Abdel Fattah al-Sisi.
The signing was witnessed by Governor of the Central Bank of Egypt Mr. Tarek Amer, Acting Prime Minister Mr. Mostafa Madbouly, and Minister of Investment and International Cooperation Dr. Sahar Nasr. It was also attended by Vice Chairman of Banque Misr Mr. Akef el-Maghraby, and Mr. Effat Ishak, Head of the Treasury and Correspondents Unit at Banque Misr.
Ms. Flavia Palanza, the Associate Director of the Facility for Euro-Mediterranean Investment and Partnership of Central and East Africa of EIB, signed the loan agreement on behalf of EIB. The agreement came in the framework of Banque Misr's support for diversifying the different sources of financing to be used for funding small and medium sized enterprises (SMEs).
Representing BADEA, the agreement was signed by the bank's Director General Dr. Sidi Ould Tah. The signing came in the framework of Banque Misr's commitment to diversifying funding for exporting Egyptian products to Sub-Saharan African countries, which reflects positively on boosting economic and investment ties throughout the continent.
Further, Banque Misr is committed to building its foreign reserves to finance projects of all sizes, stemming from its pioneering role in supporting the Egyptian economy and achieving sustainable growth.