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03-Apr-2016

ADIB Egypt to borrow USD450 million from foreign banks

Abu Dhabi Islamic Bank Egypt (ADIB Egypt) has entered into negotiations with international banks to borrow USD450 million to support its financial resources in foreign currency. The Central bank of Egypt (CBE) has directed banks to secure foreign currency financing to help overcome the current USD shortage in the local market. The CEO of ADIB Capital Zainab Hashem said that the bank is conducting negotiations on two loans: one for USD100 million and the second for USD350 million with a five-year term. (Al Mal)   Abu Dhabi Islamic Bank - Egypt: EGP4.12 as of 31 March 2016, Rating: Buy, FV: EGP5.20 per share, MCap: USD93 million, ADIB EY / ADIB.CA

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