Egypt’s oldest bank Banque Misr has signed Tuesday a $75 million loan agreement with the European Bank for Reconstruction and Development (EBRD).

The loan will go for financing small and medium-sized projects in Egypt, said Banque Misr’s chairman Mohamed El Etreby.

“The bank will sign another loan deal worth $50 million before the end of this year,” El Etreby added.

The state-run second largest bank is negotiating to secure more foreign loans ranging between $500 million and $750 million in the coming period.

© Amwal Alghad 2017