$70 Million a loan for banks Misr from Citibank

Citibank presented a loan for Banque Misr worth $70 million to finance investment projects undertaken by Banque Misr that need foreign currencies.

Esam El- Ahmadi, head of the bank, told ArabicNews.com today that the bank's board of directors is studying this offer, adding that negotiations are currently underway to determine the final value of the loan and the terms to repay it.

He added there is no fluidly at the bank in foreign currency for the long-term, but there are short-term resources in the form of deposits whose owners could withdraw them at any time.

El-Ahmadi expected approval of the loan after studying periods of payment and conditions for benefiting from the loan.

Three Egyptian banks obtained external loans worth 390 million dollar during 1996 till 1998 - these banks are the Commercial International Bank (C.I.B), the Egyptian American Bank (E.A.B) and the Egyptian Bank for Developing Exports.