Cairo – Mubasher: Al Baraka Bank – Egypt is looking to contribute EGP 3.3 billion to syndicated loans to be directed to national projects, bringing the total value of its contributions to EGP 5 billion by 2023.

The bank also plans to increase its capital to EGP 5 billion over the coming three years to comply with the Central Bank of Egypt’s (CBE) new regulations, according to a statement to the Egyptian Exchange (EGX) on Monday.

Moreover, Al Baraka Bank – Egypt has signed a deal with a consulting firm to study the establishment of a digital bank expected to start operations by the end of 2020.

Earlier, the bank’s CEO Ashraf El-Ghamrawy revealed plans to increase the bank’s paid-up capital by EGP 3.5 billion to EGP 5 billion over the next three years.

El-Ghamrawy also said that the bank will obtain funding worth $400 million from the World Bank, the European Investment Bank (EIB), and the Islamic Development Bank (IsDB) to be injected into small- and medium-sized enterprises (SMEs).

He further revealed that the bank considers injecting syndicated loans worth EGP 3.5 billion in several sectors, mainly oil and real estate sectors, during the first quarter of 2020.

Moreover, the bank has also agreed with an international consultant to launch the first digital branch during the first quarter of 2021, with plans to launch five digital branches in five years.