EIB, Banque Misr enhance cooperation to support SMEs and sustainable financing in Egypt

EGYPT – The European Investment Bank (EIB) and Banque Misr have partnered to enhance cooperation to further strengthen support for SME lending and increase financing for companies in Egypt. The first technical assistance programme will further strengthen credit risk management and the adoption of SME financing best practice to enable Banque Misr to increase financing for smaller companies. The second…

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Banque Misr acquires all shares of Banque du Caire for US$373.4M

EGYPT – State-owned Bank Misr has carried out an ownership transfer transaction for fellow state-owned Banque du Caire in a deal valued at EGP 6.9 billion (US$ 373.37 million). The deal was executed through BLOCK TRADING transaction, through which Bank Misr purchased 1.125 billion shares of Banque du Caire, according to EGX. According to the statement, the share that Banque…

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Three Egyptian banks launch US$85M MEA-focused fintech fund

EGYPT – Egypt’s largest national banks; Banque Misr, National Bank of Egypt, and Banque du Caire, have partnered with Global Ventures to launch fintech-focused investment fund Nclude, following approval by the Central Bank of Egypt. The fund is an implementation of the country’s strategic vision to support young innovators, with Nclude by Global Ventures to focus on accelerating fintech innovation…

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Mastercard and Banque Misr’s MDI partner for seamless banking experience in Egypt

EGYPT – In a bid to drive the evolution of financial services in Egypt, Misr Digital Innovation (MDI), Banque Misr’s digital banking arm, has signed a seven-year strategic partnership with global technology leader Mastercard, to provide Egyptians with an easy, smooth, and secure banking experience. MDI was established in 2020 to launch the first digital bank in Egypt in line…

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Banque Misr, Microsoft Egypt launch innovation program for startups

EGYPT – Banque Misr, a financial service provider, has signed a Memorandum of Understanding (MoU), with Microsoft Egypt to launch the first open innovation program in the Egyptian market, enabling a spurt in fintech startup growth. The collaboration between the two parties aims to enable startups to contribute to digital transformation efforts that are driven by multi-disciplined digital technologies, while…

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Egypt’s Banque Misr seeks nod enter the Kenyan market

KENYA – Banque Misr, Egypt’s second-largest bank, says it has formally applied for a Central Bank of Kenya (CBK) licence to enter the Kenyan market as it seeks lending deals in East Africa and serving Egyptian firms operating in the region, reports Business Daily. The State-run bank, which in 2020 hinted of plans to enter Kenya said the licence applications…

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Banque Misr signs US$70.15m grant with Inertia Egypt to finance its coast project

EGYPT – Banque Misr, a financial service provider, has signed an eight and a half-year Modaraba Islamic financing with Inertia Egypt to grant the company EGP 1.1 billion (US$70.15m), which will be used to finance the fourth phase of the company’s Coast project; Jefaira. Jefaira, a fully integrated coastal city, spans over 5.5 mn square meters in the North Coast,…

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Banque Misr secures US$521m credit line from EIB to support local private SMEs

EGYPT – The European Investment Bank (EIB) has provided Egypt’s Banque Misr with a €425 million (US$521.50m) credit line to support local private small and medium-sized enterprises (SMEs) that have been affected by the COVID-19 pandemic, EIB stated in statement. The new facility aims at boosting the SMEs’ ability to lead Egypt’s economic growth. It is also is expected to…

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National Bank and Banque Misr to equally acquire 40% of stocks in IBAG

EGYPT – The National Bank of Egypt investment arm, Al-Ahly Capital Holding (ACH), and Banque Misr have inked an agreement to equally acquire 40 percent of the stocks of the International Business Associates Group for Money Transfer (IBAG), the Western Union’s representative in Egypt. Chairman of the National Bank of Egypt Hisham Okasha said that the move comes within the…

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Banque Misr pioneers establishment of subway station ATMs in Egypt

EGYPT – Banque Misr, Egypt’s second largest commercial bank has signed a cooperation protocol with the Egyptian Company for Metro Management and Operation to deploy ATM machines at all subway stations. Covering 71 stations in Cairo, the move aims at easing access to banking services by all the users of the tube. According to a report by Egypt Today, the…

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