Egypt’s state-run United Bank is studying plans to contribute with $112.6m to upcoming syndicated loans, announced the bank’s Chairman, Ashraf El Kady, according to Zawya.
El Kady further stated that his bank plans to pump finance into several vital sectors in Egypt, specifically the new and renewable energy sector. The bank also mulls boosting its market share in the country to 3% within 2019.
The Central Bank of Egypt owns 99.9% of the United Bank.
In related news, The National wrote that the Egyptian economy is currently on the brink of financial disaster. The country’s main foreign exchange earners have continued to collapse throughout the first quarter of 2016, the country is importing about $1b in natural gas a month to keep the lights on, and the domestic economy is also suffering.
The source added that the government is currently finalizing an agreement that will make Egypt receive $7b a year over three years, with an annual $4b coming from the IMF and an additional $2b to $3b from the World Bank and international bond issuers. The preliminary IMF agreement could be signed within the coming weeks.