Egyptian Delta Bank seeks $65 million loan
The Egyptian Delta Bank recently commenced talks with four international financial associations regarding the acquisition of a $65 million loan package, according to reports in London based Al-Sharq Al-Awsat daily. The money will be designated for loans to the bank’s local customers as well as for the financing of various investment projects.
Participating banking institutions include the Islamic Development Bank, the African Development Bank, the Arab Commerce Financing Program and one German bank planning to enter Egyptian markets.
Delta Bank has recorded a notable income growth for the first quarter of 2001, compared with the corresponding period of the previous year. The bank’s net income grew from Egyptian Pound (EP) 26.4 million ($6.7 million) to EP 32.4 million ($8.3 million) during the same period—reflecting 22.7 percent increase. —(MENA Report)
© 2001 Mena Report (www.menareport.com)