Egypt’s Banque Misr in talks for $750 mln foreign loans

Banque Misr, Egypt’s second largest bank, is negotiating with international financial institutions to obtain $750 million in loans within the current financial year, its vice chairman Akef El Maghraby said on Monday.

El Maghraby said last May the bank’s portfolio of foreign loans reached around $4.16 billion.

“Banque Misr seeks to obtain $750 million in foreign loans during the financial year 2018-2019,” El Maghraby said in an email to Reuters, without disclosing more details about the foreign financial institutions the bank is in talks with.