AAIB bank negotiating 250-300 mln Egyptian pounds financing

Egypt’s Arab African International Bank (AAIB) is seeking to obtain finances ranging between 250 million Egyptian pounds and 300 million pounds from several banks this year.

AAIB has so far received approvals from three banks to secure loans, a senior source with knowledge told Amwal Al Ghad on Sunday, without disclosing the names of those banks.

Arab African International, which has assets of about $13 billion, was set up in 1964 as a joint venture between the Central Bank of Egypt and sovereign wealth fund Kuwait Investment Authority, with each party holding a 49.37 percent stake in the lender.