Al Baraka Bank earmarks $112.6 mln for energy, Suez Canal projects in 2016
Al Baraka Bank Egypt is planning to pump one billion Egyptian pounds ($112.6 million) into vital energy projects with economic feasibility. Chairman Ashraf El-Ghamrawy said the money will go for energy businesses in addition to projects in the high-profile Suez Canal development axis. Al Baraka Bank Egypt reported a first half net profit worth 255.390 million pounds, up from 140.291 million pounds in the first half of 2015. Deposits surged to 29.578 billion pounds by the end of June 2016, compared to 25.351 billion pounds by the end of December 2015.
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