The United Bank of Egypt is planning to invest more than EGP 1 bn in the coming period in four major sectors, including renewable energy, agriculture, fertilizer production, and real estate development, Chairman Ashraf El Kady said yesterday, Al Mal reports. The bank is also planning to expand its activities in the Islamic banking sector, he added, explaining that United has received financial assistance from international lenders and the central bank to improve its positioning. The bank had announced in September that it was planning to settle EGP 500 mn in overdue loans, two months after the CBE said it would delay plans to divest its 99.9% stake in the bank to allow the lender the time to improve its returns and attract a better offer.

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