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EALB develops its infrastructure with EGP 1.4bn

EALB develops its infrastructure with EGP 1.4bn
The bank plans to launch “Meeza” cards soon

By: Islam Fadl

Cairo – Mubasher: Egyptian Arab Land Bank (EALB) works on developing its entire infrastructure in the current period, the bank’s chairman Amr Kamal said.

The lender is injecting more than EGP 1.4 billion for the development of its units in Egypt, Jordan, and Palestine, Kamal told Mubasher.

EALB has finalised about 70% of the development and automation processes since September 2017, he added.

In addition, the bank aims to launch national e-payment “Meeza” cards as well as electronic banking and mobile banking in the coming period, he noted.

Previously, the bank’s deputy chairman Amr Gad Allah revealed plans for offering EGP 500 million loans  to real estate development companies.  

At the end of June, the bank’s mortgage portfolio stood at EGP 2 billion, with plans to reach EGP 2.5 billion by the end of 2019, Gad Allah noted.