{"id":566306,"date":"2021-06-10T13:29:15","date_gmt":"2021-06-10T13:29:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/10\/state-banks-get-plenty-of-funding-from-global-lenders\/"},"modified":"2021-06-10T13:29:15","modified_gmt":"2021-06-10T13:29:15","slug":"state-banks-get-plenty-of-funding-from-global-lenders","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/10\/state-banks-get-plenty-of-funding-from-global-lenders\/","title":{"rendered":"State banks get plenty of funding from global lenders"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Banque du Caire (BdC) signed a financing agreement worth USD 200 mn <\/strong><strong>with the African Export-Import Bank (Afreximbank),<\/strong> chairman and CEO of BdC Tarek Fayed told <a href=\"https:\/\/bit.ly\/2TVQsvH\">Al Mal<\/a> in an interview today. The funding will be directed at BdC\u2019s expansion plans in Africa and financing intra-trade across the continent, he added. The bank has had its gaze on African for some time, as evident from its <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/18\/ugandas-central-bank-gives-egypts-bdc-green-light-to-buy-out-cairo-international-bank\/\">acquisition<\/a> of 100% of Cairo International Bank in Uganda back in 2019. BdC had previously owned 60% of the bank, and acquired the 40% stake from the National Bank of Egypt (NBE) and Banque Misr.<\/p>\n<p><strong>This comes as part of its move to become a continental trade financier: <\/strong>Afreximbank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d1d63656-c867-4546-83e0-45d65de0c32e\">had accredited<\/a> BdC as a trade financing intermediary in late 2020, along with six other Egyptian banks. This means that BdC can extend Afreximbank\u2019s initiatives and credit solutions to its clients with the ultimate aim to facilitate trade development across Africa.<\/p>\n<p><strong>BdC is also looking to buy stakes in fintech and other startups, <\/strong>Fayed told the newspaper. He attributed the move to the CBE allowing retail banks to own stakes in SMEs provided their stakes are limited to 50%, and that they do not expend more than 10% of their capital on the acquisition.<\/p>\n<p><strong>Meanwhile, National Bank of Egypt (NBE) and European Investment Bank (EIB) signed today a USD 100 mn green SME financing agreement<\/strong>, <a href=\"https:\/\/bit.ly\/3cw4E58\">Youm7<\/a> reports. The fund will be on-lent to SMEs in the manufacturing, trade and agriculture sectors to become more green. The financing facility <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b581a1c9-94c2-46c6-9923-b024ec358949\">was announced<\/a> by the European Bank for Reconstruction and Development (EBRD) earlier this week.<\/p>\n<p><strong>This is the third loan the NBE has landed from the EBRD under a green economy financing facility (GEFF). <\/strong>In June 2020, the EBRD <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70574496-3047-46f1-a8ab-f3aecc40d36b\">had extended a USD 100 mn loan<\/a> to the NBE with the aim to support SMEs facing liquidity issues due to covid-19, as well as another USD 100 mn increase to its trade finance program. In 2019, the EBRD had <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/17\/ebrd-to-support-green-sme-projects-with-usd-150-mn-loan-8552\/\">provided a USD 150 mn loan<\/a> for SMEs.<\/p>\n<p><strong>And while we\u2019re on NBE, the bank plans to exit PE investments worth EGP 1.1 bn in the coming period<\/strong>, <a href=\"https:\/\/almalnews.com\/%D9%86%D8%A7%D8%A6%D8%A8-%D8%B1%D8%A6%D9%8A%D8%B3-%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D9%84%D9%80%D8%A7%D9%84%D9%85%D8%A7%D9%84-%D8%A7%D9%84%D8%A8%D9%86\/\">Al Mal writes<\/a>, quoting VP of NBE Yehia Abou Elfotouh. He gave no further details on the bank\u2019s plan. NBE officials were not available for comment as of dispatch time.<\/p>\n<p><strong>IN OTHER DEBT NEWS- <\/strong><\/p>\n<p><strong>We\u2019re waiting for funding from ITFC: <\/strong>International Cooperation Minister Rania Al Mashat discussed the timing of a finance package worth USD 1.1 bn from the International Islamic Trade Finance Corporation (ITFC) signed last January at a meeting with ITFC head Hany Sonbol, according to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/153368593500236\">a ministry statement<\/a>. About USD 700 mn should be directed at the Egyptian General Petroleum Corporation, while USD 400 mn are earmarked for the General Authority for Supply Commodities (GASC).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banque du Caire (BdC) signed a financing agreement worth USD 200 mn with the African Export-Import Bank (Afreximbank), chairman and CEO of BdC Tarek Fayed told Al Mal in an interview today. The funding will be directed at BdC\u2019s expansion plans in Africa and financing intra-trade across the continent, he added. The bank has had [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10044],"tags":[421,204,726,88,633,7087,845,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566306","post","type-post","status-publish","format-standard","hentry","category-speed-round-debt-watch","tag-afreximbank","tag-banking","tag-banque-du-caire","tag-debt-watch","tag-enterprisepm","tag-finance","tag-international-islamic-trade-finance-corporation","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"bbc8c7a1-2f06-451d-953f-819bc61c0348","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[566299],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>State banks get plenty of funding from global lenders - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/10\/state-banks-get-plenty-of-funding-from-global-lenders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State banks get plenty of funding from global lenders\" \/>\n<meta property=\"og:description\" content=\"Banque du Caire (BdC) signed a financing agreement worth USD 200 mn with the African Export-Import Bank (Afreximbank), chairman and CEO of BdC Tarek Fayed told Al Mal in an interview today. The funding will be directed at BdC\u2019s expansion plans in Africa and financing intra-trade across the continent, he added. 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The bank is planning to secure USD 100 mn in loans this year as it looks to increase its financing of international trade operations\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":579284,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/ebrd-and-partners-fund-more-green-finance-for-smes-ebrd-bii-lend-usd-100-mn-to-bdc\/","url_meta":{"origin":566306,"position":1},"title":"EBRD and partners fund more green finance for SMEs + EBRD, BII lend USD 100 mn to BdC","author":"enterpriseam admin","date":"1 February 2023","format":false,"excerpt":"DFIs to fund more green projects + privatization candidate BdC gets funding: More funding for green projects will be available to local SMEs courtesy of the European Bank for Reconstruction and Development (EBRD), the EU, and the Green Climate Fund. Meanwhile, EBRD and British International Investment said they would provide\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/6.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543816,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/20\/bdc-just-got-a-green-lending-boost\/","url_meta":{"origin":566306,"position":2},"title":"BdC just got a green lending boost","author":"enterpriseam admin","date":"20 February 2022","format":false,"excerpt":"Banque du Caire is getting USD 30 mn in \u201ctier-two\u201d capital investment under a financing agreement with the Green for Growth Fund (GGF), which is backed by German development bank KfW, among others, according to a press release (pdf). The facility is the GGF\u2019s first tier-two investment in Egypt, after\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/276.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594618,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/02\/bdc-looks-to-issue-egp-20-bn-in-corporate-financing-by-end-of-2020\/","url_meta":{"origin":566306,"position":3},"title":"BdC looks to issue EGP 20 bn in corporate financing by end of 2020","author":"enterpriseam admin","date":"2 September 2019","format":false,"excerpt":"State-owned Banque du Caire (BdC) plans to issue EGP 20 bn in corporate loans by the end of 2020, an unnamed bank official told Al Shorouk. The bank will reportedly lend to businesses working in the energy, petrochemicals, real estate, food and communications sectors. The bank expects to lend EGP\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596369,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/26\/banque-du-caire-in-negotiations-to-increase-loan-to-usd-100-mn\/","url_meta":{"origin":566306,"position":4},"title":"Banque du Caire in negotiations to increase loan to USD 100 mn","author":"enterpriseam admin","date":"26 August 2019","format":false,"excerpt":"Banque du Caire (BdC) is in talks with an unnamed Arab financing institution to increase a USD 50 mn loan the bank received in February to USD 100 mn, BdC Chairman Tarek Fayed tells Al Shorouk. 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