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Banque Misr finances cotton with EGP 1.3bn for 2018/19 season - Daily News Egypt

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Banque Misr finances cotton with EGP 1.3bn for 2018/19 season

Bank arranged 17 financing operations worth EGP 113bn, planning further loans worth EGP 20.4bn

Banque Misr has financed a number of companies operating in the cotton sector with EGP 1.3bn for the 2018/19 season.

According to a statement issued by the bank, the funding was not only limited to companies in the public sector, but also extended to private companies.

It added that this is part of the national role played by the bank, as one of the most important pillars of the national economy, pointing out that the funding granted to the cotton sector this season increased by EGP 670m from the previous season, up by 105%.

Banque Misr stressed it is one of the largest banks financing and supporting the cotton sector, accounting, alone for 26% of the total production value of cotton this season. The statement noted that cotton is Egypt’s main crop, and represents a foreign exchange resource. As a result, Banque Misr provided the required funding to companies operating in this sector to preserve the quality and strength of Egyptian seed.

According to the bank, between July 2017 and the end of June 2018, it managed to arrange, contribute, and fund 18 transactions worth EGP 113bn.

It added that these funds were pumped into many economic sectors, including electricity, real estate investment, general contracting, oil and gas, land transport, maritime and river transport, communications and information technology.

It pointed out that the value of Banque Misr’s guarantee coverage in these transactions amounted to EGP 20.9bn, noting that it is currently working to conclude several financing operations spanning a range of sectors, including telecommunications, building materials, fertilisers, construction and others, worth a total of EGP 20.4bn, with the bank’s guarantee coverage reaching EGP 8.3bn.

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