By: Islam Fadl

Cairo - Mubasher: The vice chairman of Banque Misr, Akef El Maghraby, said that the bank has delegated Abu Dhabi Islamic Bank (ADIB) to fund a joint Islamic finance with a total value of $150 million to enhance the bank’s dollar resources.

El Maghraby told Mubasher that ADIB will finish the loan arrangements with gulf banks this month, he also noted that the bank has signed an agreement with Credit Suisse to acquire $350 million for five years, and that the first tranche of the loan was received by the end of last December, with a value $170 million.

Banque Misr is expecting to receive the second tranche in February, according to the bank’s vice chairman.

Translated by: Moslem Ali