Cairo: Arab bank issues bonds worth 500 million pounds

The Arab Bank in Cairo is getting ready to issue finance bonds worth 500 million pounds during the coming days. The bonds' term is five years, with a changing interest rate to exceed by 1.5% the interest on public treasury bonds raised by the government. Interest is to be paid every three months.

A press statement issued by the Hermes company, which plays the role of manager of issuance, said the bonds are floated up in Egyptian pounds and will be marketed all over the Arab states, especially those in which Egypt expatriates reside.

The aim of these bonds is to activate the Arab Bank in Egypt in different fields of investment development and that the Arab Bank is registered in Jordan and has many Arab branches and owns many affiliated companies with 10%, which are the Arab Bank (Switzerland), the Arab Bank Austria, the Arab Bank Frankfurt and the international Islamic Arab Bank.