Egypt’s Arab African International Bank (AAIB) is currently negotiating loans worth $110 million with two international financial institutions to boost its liquidity of foreign currency.
The Egyptian bank is in talks to secure around $60 million loan from the European Bank for Reconstruction and Development (EBRD), a banking source with knowledge told Amwal Al Ghad on Sunday.
AAIB also seeks to borrow $50 million from the SANAD Fund for MSMEs, part of the German state-run Kfw Development Bank, the source added.
Earlier this year, the AAIB bank signed a $100 million loan with the International Finance Corporation (IFC).
Nevine Sabbour, AAIB’s deputy managing director, told Amwal Al Ghad on Saturday, that her bank is in talks to secure dollar-dominated loans from some international financial institutions, including the EBRD.
The loans are to support AAIB’s balance sheet, Sabbour added.
Several banks in Egypt had recently secured dollar-dominated loans from international financial institutions to bolster foreign currency liquidity.
Below the list of banks in Egypt that secured foreign loans.
|
The Bank |
Loan Value |
Lender |
|
Bank Audi SAE |
$30 million |
IFC |
|
Union National Bank – Egypt |
$50 million |
Parent Abu Dhabi-based UNB Bank |
|
Crédit Agricole Bank – Egypt |
$30 million |
Parent Crédit Agricole SA (France) |
|
AlexBank |
$100 million |
EBRD |
|
Banque Misr |
$1.1 billion |
A group of Chinese financial institutions |
|
QNB AlAhli Bank |
$140 million |
EBRD |
|
National Bank of Egypt (NBE) |
$300 million |
African Export-Import Bank (Afreximbank) |
