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Banque Misr Pumps EGP 1.3bn In The Cotton Sector During The 2018/2019 Season Recording A 105% Year-On-Year Increase
Banque Misr granted EGP 1.3bn credit facilities to cotton sector during 2018/2019 season. Granted funds were not limited to the public sector companies but also involved private sector companies – which comes under the bank's pioneering role in supporting national economy. Whereas, BM recorded a year-on-year 105% increase with a difference of EGP 670 million.
It is worth noting that BM is considered to be one of the largest banks that offer credit facilities in the cotton industry. BM allocated credit facilities to the sector which comprise in value approximately 26% of total cotton crop in 2018/2019 season. Cotton is considered the most important crop in Egypt for topping agricultural exports and being a major source of the foreign exchange. BM has supports the sector to sustain the crop's quality and strength in order to maintain its reputation in international markets.
This in turn affirms BM commitment, as one of the largest national banks, towards supporting various multi-sectorial projects. The bank has financed, managed and joined 18 credit transaction during the period (01/07/2017 – 30/06/2018) with EGP 113bn total in various sectors in which BM’s share is nearly valued at EGP 20.9bn. These sectors cover electricity, real estate investment, general contracting, petroleum and gas, road transport, maritime transport and communications and information technology, etc.
Also, BM is currently studying a number of loan agreements valued at EGP 20.4bn in various sectors including communications, building materials, fertilizers, contracting, etc. Whereas, the bank’s share in those agreements is valued at EGP 8.3bn, affirming BM pioneering role for being one of the leading national banks in the Egyptian banking sector.
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