Cairo –  Al Baraka Bank-Egypt has participated in joint Islamic financing for Kharafi National Company with a value of EGP 300 million, according to a press release.

This comes within the framework of the bank's strategy to back the Egyptian economy and achieve sustainable development objectives in line with Egypt's Vision 2030.

The financing, which stands at EGP 1.65 billion, included the participation of Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) as the main arranger and agent.

Medbank, the Egyptian Arab Land Bank, the Housing and Development Bank, and Attijariwafa Bank also participated in the funding process.

Hazem Hijazi, CEO and Vice Chairman of Al Baraka Bank, highlighted that the lender aims to enable companies to implement more projects that enhance their investments across key development sectors.

In the January-June 2023 period, Al Baraka Bank-Egypt generated consolidated net profits attributable to the owners valued at EGP 1.01 billion, compared to EGP 783.11 million a year earlier.

Meanwhile, the standalone net profits after tax jumped to EGP 1.02 billion in the first half (H1) of 2023 from EGP 783.11 million in H1-22.

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