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Egypt's Banque Misr Seeks $500 Million Loan to Fund Growth Plans

  • Bank is opting for low-interest loans instead of selling bonds
  • Cairo Amman Bank sale is getting interest from overseas

Banque Misr, Egypt’s second largest lender, has hired an international bank to manage a $500 million medium-term syndicated loan as it seeks to fund growth through low-cost debt.

The state-run bank is working with the financial adviser to find lenders to underwrite the loan it hopes to secure in the third quarter, Banque Misr’s chairman, Mohamed Eletreby, said in an interview, without naming the bank.