Banque Misr, Microsoft Egypt launch innovation program for startups

EGYPT – Banque Misr, a financial service provider, has signed a Memorandum of Understanding (MoU), with Microsoft Egypt to launch the first open innovation program in the Egyptian market, enabling a spurt in fintech startup growth. The collaboration between the two parties aims to enable startups to contribute to digital transformation efforts that are driven by multi-disciplined digital technologies, while enhancing the fintech and entrepreneurial capabilities of these companies. This is in addition to supporting the business environment by establishing joint fintech innovation centers and developing financial and digital services…

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Egypt’s Banque Misr seeks nod enter the Kenyan market

KENYA – Banque Misr, Egypt’s second-largest bank, says it has formally applied for a Central Bank of Kenya (CBK) licence to enter the Kenyan market as it seeks lending deals in East Africa and serving Egyptian firms operating in the region, reports Business Daily. The State-run bank, which in 2020 hinted of plans to enter Kenya said the licence applications to Kenyan regulators were made alongside similar applications in Somalia and Djibouti. The lender’s vice chairman Akef El Maghraby was quoted announcing the move at a business forum held in…

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Banque Misr signs US$70.15m grant with Inertia Egypt to finance its coast project

EGYPT – Banque Misr, a financial service provider, has signed an eight and a half-year Modaraba Islamic financing with Inertia Egypt to grant the company EGP 1.1 billion (US$70.15m), which will be used to finance the fourth phase of the company’s Coast project; Jefaira. Jefaira, a fully integrated coastal city, spans over 5.5 mn square meters in the North Coast, with a capacity of 12,000 to 14,000 units and total investments reaching EGP66 billion.  The project offers a wide range of services, including medical, educational and entertainment services to be…

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Banque Misr secures US$521m credit line from EIB to support local private SMEs

EGYPT – The European Investment Bank (EIB) has provided Egypt’s Banque Misr with a €425 million (US$521.50m) credit line to support local private small and medium-sized enterprises (SMEs) that have been affected by the COVID-19 pandemic, EIB stated in statement. The new facility aims at boosting the SMEs’ ability to lead Egypt’s economic growth. It is also is expected to finance investment projects, and working capital needs, in productive and service sectors, thus sustaining growth and employment while helping to mitigate the economic and social impact of the COVID-19 crisis,…

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National Bank and Banque Misr to equally acquire 40% of stocks in IBAG

EGYPT – The National Bank of Egypt investment arm, Al-Ahly Capital Holding (ACH), and Banque Misr have inked an agreement to equally acquire 40 percent of the stocks of the International Business Associates Group for Money Transfer (IBAG), the Western Union’s representative in Egypt. Chairman of the National Bank of Egypt Hisham Okasha said that the move comes within the bank’s efforts to merge customers targeted into the banking sector as well as using official means for transferring funds in order to increase the flow of foreign currency into Egypt…

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Banque Misr pioneers establishment of subway station ATMs in Egypt

EGYPT – Banque Misr, Egypt’s second largest commercial bank has signed a cooperation protocol with the Egyptian Company for Metro Management and Operation to deploy ATM machines at all subway stations. Covering 71 stations in Cairo, the move aims at easing access to banking services by all the users of the tube. According to a report by Egypt Today, the partnership will make Banque Misr the first bank to cover all of Egypt’s Metro stations with Automated Teller Machines. Already, 10 ATMs have been installed in stations as a first…

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Banque Misr increases stake in CI Capital to enhance provision of non-banking services to clients

EGYPT – Banque Misr, one of Egypt’s national commercial banks has increased its ownership stake in CI Capital to 24.70 percent, making the bank the largest shareholder of the company. CI Capital Holding for Financial Investments (CICH) offers diversified non-banking financial solutions and services to a large base of clients. Chairman of Banque Misr Mohamed el Etribi in a statement explained that the move was in line with the Bank’s strategy to develop non-banking financial services that enable the bank to meet the financing needs of its clients. Mr. Etribi…

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Banque Misr secures US$100m loan from EBRD to support local businesses against COVID-19

EGYPT – Banque Misr, Egypt’s second largest commercial bank, has secured a senior unsecured loan of $100 million from the European Bank for Reconstruction and Development (EBRD). The loan is EBRD’s latest contribution in Egypt and adds to the cooperation volume between Egypt and the bank which according to Egypt’s Minister of International Cooperation, Rania al-Mashat amounts to €6.5 billion through 115 projects. The Funds to be used to enhance the resilience of local businesses during the COVID-19 period were provided by EBRD under its Resilience Framework (FR) developed to…

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Banque Misr gets US$550m loan from European Investment Bank to finance SMEs

EGYPT – Banque Misr, one of the largest financial institution in Egypt has acquired a US$550 million loan from European Investment bank to finance small and medium enterprises in the country. The Chairman of Banque Misr Mohamed El-Etreby and the Director of European Investment Bank signed the loan agreement bringing the total contract between the two institutions to €1billion (about US$1.1 billion). The loan has a term of three years and contributes to the enhancement of the bank’s foreign currency resources, which are used to finance SMEs and is also…

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