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Banque Misr signs framework agreement for $500 million with Sinosure

The bank has also signed a memorandum of understanding of the same value with the Industrial and Commercial Bank of China

Deputy Chairman of Banque Misr Akef al-Maghraby signed a framework agreement worth $500 million with the China Export & Credit Insurance Corporation - Sinosure.

Banque Misr also signed a memorandum of understanding with the Industrial and Commercial Bank of China (ICBC), also worth $500 million. The bank aims to prop up dollar liquidity through the foreign loans, to meet clients' demands for funding for joint Chinese-Egyptian projects.

Furthermore, Banque Misr has obtained approval from the Chinese central bank to launch a representative branch in China, which will be located in Guangzhou. The bank is furthermore finalizing its representative branch in Russia, which will mark the first Egyptian bank to be represented in Russia.

Through the establishment of branches in different countries, Banque Misr seeks to support trade exchange and deepen economic relations, in addition to consolidating the bank's network internationally.

Banque Misr has the largest network of branches in Egypt, with 577 branches spread out across all the country's governorates. It is moreover the most widespread bank in the Middle East and Africa, and has cemented its regional and international presence through branches in the UAE, Lebanon, Paris, and Frankfurt. This is in addition to a large network of correspondent banks in all countries worldwide.