Egypt: Banque du Caire Delays Offering Due to Pandemic

Published June 8th, 2021 - 09:30 GMT
Egypt: Banque du Caire Delays Offering Due to Pandemic
Those loans were granted to about 250,000 clients, 35 percent of whom are women. (Twitter)

Egypt’s Banque du Caire has delayed a share offering until financial markets stabilize and improve in the wake of the pandemic, said Chairman Tarek Fayed.

The state-owned bank had earlier announced a plan to sell a minority stake in an initial public offering (IPO) starting mid-April 2020 in a sale worth about $500 million, Reuters reported in March 2020.

Separately, the bank has more than tripled its portfolio of micro loans to reach 6 billion Egyptian pounds ($381.5 million), Fayed told Asharq Business.

Those loans were granted to about 250,000 clients, 35 percent of whom are women. About half of them were in Upper Egypt, 25 percent in Delta Alliance in the North and the rest in the remainder of the country.


Copyright: Arab News © 2021 All rights reserved.

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