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Banque du Caire in talks over EUR 50m loan

Banque du Caire in talks over EUR 50m loan
The loan will be used to finance SMEs in 2021
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By: Islam Fadl

Cairo – Mubasher: Banque du Caire is negotiating with several foreign institutions over a EUR 50 million loan, Nader Saad, Head of SME Banking Sector, revealed.

The loan will be used to finance SMEs in 2021, Saad added in an interview with Mubasher on Monday.

Over the first 11 months of 2020, the bank injected EGP 5 billion to SMEs, with plans to pump EGP 1 billion in December to raise the SME portfolio to EGP 19 billion by the end of the year, he pointed out.

In addition, the bank’s anticipated initial public offering (IPO) depends on the market’s conditions as it has been postponed due to the coronavirus (COVID-19) pandemic, the Chairman, Tarek Fayed, said on the sidelines of People and Banks Conference.

The bank planned to float 20-30% of its shares at proceeds worth around $300 million to $400 million.