MIDBANK offers EGP 1bn in finance to major projects in various sectors during 2H 2022

MIDBANK has said it provided special banking services for value-added activities in various economic sectors during the second half (2H) of 2022, and offered syndicated loans and bonds, which reflected positively on achieving economic growth and advancing a number of economic fields such as the industrial and real estate sectors.

It comes within the framework of MIDBANK’s strategy “We work for your future”, which pays great attention to achieving Egypt’s 2030 Vision for sustainable development, financial inclusion, and digital transformation. The bank also provides its services to small and medium enterprises and participates in all initiatives of the Central Bank to support various economic sectors.

MIDBANK was keen to cooperate with various banks to finance many mega projects, as part of its strategy to strengthen the syndicated loan portfolio, as the rate of increase in the syndicated loan portfolio amounted to about 44%, and the increase in the corporate credit portfolio by 53% by the end of 2022.

The syndicated loans, which MIDBANK contributed to financing during the second half of last year, included participation with a share of EGP 300m in financing the needs of a large industrial group at a value of EGP 3bn, in addition to working to finalize the procedures for financing two of the largest companies operating in the field of contracting and the real estate development sector at about EGP 600m.

MIDBANK’s strategy “We work for your future” focuses on diversifying the bank’s investment portfolio through several axes. This includes its participation in subscriptions for securitization bonds transferred from private entities and companies, including the bank’s participation with a share of EGP 100m in the issuance of securitization bonds worth EGP 20bn to the New Urban Communities Authority and a stake of EGP 150m in the issuance of Tamweel Real Estate Finance Company bonds.