Cairo Bank reveals rise in corporate credit and retail loans

Cairo Bank has announced that it achieved an unprecedented rise in the Bank's corporate credit and retail loans during 2012, as corporate credit portfolio rose to $11.6 billion, and retail loan portfolio reached to $9.5 billion. In an official statement, Munir al-Zahid, president of the board of directors at Cairo Bank said that the institution is keen finance many vital state sectors during 2013, notably the oil sector and companies working in the field of electricity and supply goods. In 2012, the bank spent $4.94 billion on industrial projects such as steel, cement, sugar and other manufacturing industries. He added that the bank’s financial contributions extended to funding national projects, including $20 million investment in the tourism sector and $200 million in a auto trading company. Director General of the Cairo Bank's corporate credit sector, Ayman al-Mukhtar said that "the bank has been successful in landing financial opportunities amounting to $1.2 billion, taking the company's total credit approvals to around $2.46 billion" He explained that the bank is willing to finance the petrochemicals industry after a successful projects last year. In 2012, Cairo Bank gave Egyptian Petrochemicals Company and KIMA Chemical Industries $75 million loans, each, for production of ethylene.