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EALB studying granting EGP 3bn for various economic institutions’ activities - Daily News Egypt

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EALB studying granting EGP 3bn for various economic institutions’ activities

Bank contributed EGP 175m in joint loan granted to Memaar Al Morshedy 

The Egyptian Arab Land Bank (EALB) is studying the granting of new facilities and loans worth EGP 3bn for several institutions engaged in various economic activities, according to Amr Kamal, head of the bank.

Kamal explained to Daily News Egypt that the institutions the bank is negotiating with to grant these loans include institutions operating in the iron and steel industry, grain silos, fertilisers, plastic pipes industry, food chain stores, and industrial development projects in Upper Egypt.

Kamal revealed that the bank contributed EGP 175m to the syndicated loan arranged for Memaar Al Morshedy real estate company, in partnership with Banque Misr for Financial Leasing (BM Leasing), noting that the total value of the loan amounts to EGP 200m.

Kamal had told Daily News Egypt that the bank now has liquidity available for lending in local currency and foreign currencies as well.

According to Kamal, the bank’s new management has managed to attract the largest 10 real estate companies in Egypt to become clients.

Kamal pointed out that the bank has an estimated deposit portfolio of about EGP 26bn, but the employment of these deposits in lending and credit facilities and contributions to projects was very weak.

The size of the regular loan portfolio amounts to EGP 5bn.

According to Kamal, there was a large gap between the volume of loans and deposits in the bank, pointing out that there is a plan in place to bridge the gap and reach a loan to deposit ratio of 60%.

He pointed out that the management of the bank aims to boost healthy loans to over EGP 9bn in the coming period and to EGP 20bn at a later stage.

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