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Banque du Caire to inject EGP 1bn across various economic sectors in 2017 - Daily News Egypt

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Banque du Caire to inject EGP 1bn across various economic sectors in 2017

Sectors include transportation, logistics, construction, industry, food, and commodities


Banque du Caire aims to inject more than EGP 1bn in a number of economic sectors during 2017. These sectors include transportation, logistics, construction, industry, food, and commodities.

According to a statement released by the bank to Daily News Egypt, the bank arranged a number of syndicated loans for various economic sectors worth about EGP 8.565bn during 2016.

Oil, electricity, food industries, real estate, and construction sectors were the main sectors in which the bank was keen to fund during 2016.

Banque du Caire granted credit facilities amounting to EGP 258m until November 2016 to a variety of sectors and activities, including automotive, medical supplies, financial leasing, technology services, and aviation, according to the bank.

The bank succeeded in attracting new customers from various sectors, including pharmaceutical, mills, chemicals, electricity, and building materials. The bank grants them credit facilities worth EGP 2.1bn.

The bank also increased credit facility limits given to clients by EGP 819m, and it is currently granting the necessary approvals for new customers to get credit facilities worth EGP 175m.

In terms of micro-, small- and medium-sized enterprises, the bank explained that the loans portfolio of these projects reached approximately EGP 3bn, pointing out that the bank pumped more than 1.5m in loans to the owners of small- and micro-sized enterprises valued at EGP 11bn.

Banque du Caire also succeeded in signing two contracts to finance micro enterprises in collaboration with the Social Fund for Development (SFD) valued at EGP 334m, in addition to signing a contract with the National Project for Community Development called “Your project” (Mashrou’ak) in collaboration with the Ministry of Local Development.

Regarding the role of the bank in opening letters of credit to provide for the country’s needs of raw materials, strategic goods, and medicines, the total transactions carried out during 2016 amounted to about $930m.

The bank noted that the retail banking portfolio reached about EGP 22.2bn by late 2016, pointing out that the bank’s market share of employee loans in the state and the private sector reached about 36%.

The portfolio of such loans reached EGP 17.44b, according to the bank.

The volume of car loans exceeded EGP 1bn with a market share of 16% of the total car loans at banks.

According to the bank, their portfolio of business development loans amounted to EGP 663.6m by the end of 2016, an increase of 51% compared to 2015. The bank says it has financed more than 8,000 housing units worth EGP 600m by the end of 2016.

https://ww.dailynewssegypt.com/2017/01/08/609096/
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