Cairo – Mubasher: Banque Misr entered into negotiations with the African Export-Import bank (Afreximbank) and the European Investment Bank (EIB) to borrow $700 million, Al Borsa newspaper reported, citing the bank’s vice president.

It is expected that the bank will reach a final agreement with the two banks this month, Akef El-Maghrabi added.

The top official expects the bank to receive the funds in the next few months, according to the newspaper.

He explained that the loans will be used to finance small- and medium-sized enterprises (SMEs) and the development projects besides funding trading operations.

In January 2016, President Abdel Fattah El-Sisi said that the banking sector will pump EGP 200 billion into an initiative to support SMEs.