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.