(MENAFN- Daily News Egypt) Banque Misr revealed that it arranged and participated in a number of syndicated loans worth approximately EGP 62.3bn in 2015, whereby it guaranteed the coverage of about EGP 12.4bn out of these loans.
According to the bank's statement, the loans were granted to several major economic sectors, on the top of which came the electricity, cement, real estate investment, and petroleum sectors.
The bank was named by Bloomberg as the best bank in terms of promoting syndicated loans and funding projects on the African level in 2015. It was also ranked fourth among the best banks in managing and arranging syndicated loans in Africa, making in the best bank in Egypt in this respect.
Banque Misr is the first Egyptian bank to top this list in the last four years after the domination of European banks. As for the Middle East and North Africa (MENA) region, the bank came in third place in best banks for promoting syndicated loans and funding projects.
It has maintained its place in this ranking, which accounts for the best 20 banks in promoting the syndicated loans in the MENA region over the past six consecutive years.
The bank noted in the statement that its ranking came as a result of its success in arranging major funding operations for numerous projects in all major fields. This is in addition to its sufficient participation in a number of national projects.
It currently seeks to finalise a number of major loans that are under consideration in a number of sectors such as specialised contracting, maritime transport, electricity, energy, fertilisers, and other sectors.
These loans are worth approximately EGP 38.8bn while the bank's expected financing coverage in these loans amounts to EGP 9.5bn.
The bank noted that arranging such loans highlights its role as one of the leading national banks in the Egyptian market. They further demonstrate the intensified marketing plans the bank is following to attract new customers and funding operations, as well as its commitment to achieve its strategic and developmental goals to support the national economy in all fields, according to the statement.
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