Al Baraka Bank announced its participation as a main arranger in an Islamic syndicated finance of EGP 1.65bn for Kharafi National, with a share amounting to EGP 300m, in the context of its keenness to actively participate in supporting and financing all vital sectors in the Egyptian market.
The bank said, in a statement last Thursday, that the participation in financing Kharafi National, one of the leading companies in the establishment, development, management, operation, and maintenance of infrastructure projects in the Middle East and Africa, comes out of the bank’s keenness to contribute effectively to supporting the national economy, and achieving Sustainable development strategy “Egypt Vision 2030”.
A group of banks participated in this financing, including Abu Dhabi Islamic Bank Egypt as the main arranger and the financing and guarantee agent, MIDBANK and the Egyptian Arab Land Bank as the main arrangers, and the Housing and Development Bank and Attijariwafa Bank as the arrangers.
Hazem Hegazy, CEO and Vice Chairperson of Al Baraka Bank, said that participating in large financing with banks with an influential presence in the banking sector comes within the framework of Al Baraka Bank’s strategy to support the Egyptian economy, by enabling large companies to implement and manage more huge national projects and enhance their investments in many major development sectors, which ultimately contributes to supporting the national economy.