Advertisement
| 22 June, 2016

Banque Misr obtains $105 mln murabaha facility from UAE banks

Image used for illustrative purpose. Traders work near the exchange bell at Egypt's Stock Exchange in Cairo July 3, 2013.

Image used for illustrative purpose. Traders work near the exchange bell at Egypt's Stock Exchange in Cairo July 3, 2013.

REUTERS/Mohamed Abd El Ghany

Banque Misr, Egypt's second-largest state lender, has obtained a $105 million murabaha financing facility from three United Arab Emirates banks.

22 June 2016
Banque Misr, Egypt's second-largest state lender, has obtained a $105 million murabaha financing facility from three United Arab Emirates banks, Chairman Mohamed Mahmoud Eletreby told Reuters Tuesday.

Egypt has been struggling since a 2011 uprising drove away tourists and foreign investors, putting pressure on foreign reserves which halved to $17.5 billion in May.

Eletreby said the facility was obtained from three of the largest UAE banks, but declined disclose their names. He said the facility will strengthen Banque Misr's foreign currency resources and will be paid back in two years.

© Amwal Alghad 2016