Al Baraka Bank secures US$127.8mn for Suez Canal mega projects

The Egypt part of the Bahraini Al Baraka Group plans to pump one billion Egyptian pounds (US$127.8 million) into mega projects in the country. According to Ashraf El Ghamrawy - CEO of Al Baraka Bank Egypt, the bank intends to invest in the Suez Canal Corridor Area as well as East Port Said (Tafreeaa) Port projects. The Suez Canal Corridor Area project's aim is to increase the role of the Suez Canal region in international trading and to develop the three canal cities: Suez, Ismailia, and Port Said. Al Baraka Bank Egypt has allocated around 250 million Egyptian pounds to invest in one of the logistics projects in Suez Canal, however, no details were given until an agreement is reached.