IslamicFinance.de

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.

Al Baraka Bank Egypt, part of Bahrain's Al Baraka Group (ABG), is planning to pump one billion Egyptian pounds (US$127.7 million) to support Egyptian SMEs, its chairman Ashraf El-Ghamrawy said. The investments, with a five percent interest rate, are in favour of the central bank's initiative to advocate small and medium-sized enterprises. Earlier, Egyptian President Abdel Fattah al-Sisi said the banking sector would inject 200 billion Egyptian pounds ($25 billion) to support small and medium businesses. Within this year, Al Baraka Bank Egypt plans to sign a new partnership worth 200 million pounds with the Social Fund for Development (SFD) to finance small and medium businesses led by the Islamic Development Bank (IDB).