MIDBANK Offers Over EGP 2Bn In Syndicated Facility To Four Mega Projects
Date
11/17/2024 4:05:23 AM
(MENAFN- Daily News Egypt) MIDBANK has announced its participation in a syndicated facility to finance several giant projects. The bank's total share exceeded EGP 2bn, distributed over four projects in communications, Real estate development, petroleum, and social housing.
This is within the framework of the Bank's strategy to support vital sectors in Egypt by financing major projects in various economic sectors.
According to the bank, its loan portfolio increased by 55.1% in the third quarter of this year, compared to last year, and by 230.5% compared to 2020. This coincides with the bank implementing a comprehensive restructuring and development plan. The syndicated loan portfolio also increased by 89.4% compared to last year, and by 185% compared to 2020.
Eman Abu Zeid, General Manager of the Credit Sector at MIDBANK, said that supporting and financing major projects is one of the bank's priorities. It also stems from its commitment to enhancing economic growth and effectively contributing to developing infrastructure and vital projects that serve the national economy.
“MIDBANK is focusing on financing key sectors because of their pivotal role in promoting sustainable development and improving the standard of living for citizens. The bank seeks to build long-term strategic partnerships with leading institutions in major sectors by providing innovative financial solutions that meet their diverse needs and contribute to achieving their expansion goals,” she added.
The bank also participated in the first financing granted to Telecom Egypt with about EGP 250m, as part of a long-term joint financing with a total value of EGP 18bn. Furthermore, it contributed to financing the“Central” project of the Saudi Egyptian Developers Company, with a share of EGP 300m. This is part of a joint loan worth EGP 4.35bn.
Believing in Egypt's urban renaissance and the need to support social housing initiatives, MIDBANK contributed EGP 1.4bn to a joint loan worth EGP 50bn for the Social Housing Fund and Real Estate Finance Support.
As part of its keenness to support the energy sector, MIDBANK contributed a share of EGP 400m out of a total joint loan worth EGP 10bn billion for the Egyptian Petroleum Company. The bank's contribution to these loans and financing of mega projects reflects its commitment to supporting and revitalizing the Egyptian economy, through effective participation in financing major strategic projects that contribute to achieving economic growth.
These agreements also reflect the Bank's keenness to have a strong presence in the Egyptian market and participate in economic initiatives that align with the comprehensive development plans pursued by the state.
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