Egyptian Lender Seeks $250 Million for East Africa Expansion

Egyptian lender, Banque Misr, has announced plans to borrow $250 million from international lenders, to help them expand into Africa.

Countries targeted in the expansion include Kenya, Djibouti and Somalia.

According to the bank’s chairman, Mohamed el-Eletreby, they will also use the funds to finance SMEs, even as they plan to sell a part of their stake in Banque du Caire.

We are in talks with two international institutions so as to get loans with competitive interest rates, seeking to secure $150 million from one bank and $100 million from the other.

Banque Misr chairman, Mohamed el-Eletreby

The bank already has presence in the United Arab Emirates, France, Lebanon, Germany, China, Russia, South Korea and Italy.

Why Egypt is Africa’s Top Investment Hub

Egyptian lender CIB to Acquire Kenya’s Mayfair Bank