ArabFinance: Export Development Bank (EDBE) secured a medium-term loan of $15 million (EGP 242.71 million) from Sanad Fund for micro small and medium enterprises, according to the company’s June 24th statement filed to the Egyptian Exchange.

The bank will utilize the loan in finance micro small and medium enterprises and agricultural institutions.

The bank posted a consolidated net profit of EGP 978.299 million in the first nine months of the fiscal year (FY) 2019/2020, an 11% increase from EGP 879.909 million achieved in the prior-year period.

In the same nine months of FY2019/2020, standalone profit stood at EGP 855.481 million, a 1.77% rise from EGP 840.591 million posted in the corresponding period.

EDBE is an Egypt-based public shareholding company that operates in the banking sector. The bank offers banking and financial services, which encourage the export activities of the agricultural, industrial, commercial and services sectors.

At thr press time, the conversion rate is $1 = 16.18


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